Skillfully Preparing Trusts for Clients in Pasco & Hernando Counties
If you’re considering setting up a trust, you can turn to The Lyons Law Group, P.A., for assistance. Our firm has been serving clients across Pasco and Hernando Counties since 2008, and our estate planning attorneys have extensive experience creating trusts. We can explain the various options available to you and help you select the one that’s right for your needs.
What Is a Trust?
A trust is a fiduciary arrangement wherein someone who owns assets (the grantor) provides another party (the trustee) with the right to hold the assets for the benefit of a third party (the beneficiary). There are various types of trusts, including the following:
- Living vs. testamentary – A living trust (also known as an inter vivos trust) is created while the grantor is still alive. A testamentary trust is created after the grantor’s death according to directions set forth in his or her will.
- Funded vs. unfunded – In order to fund a trust, the grantor must transfer his or her assets into the trust (for example, by transferring ownership to the trust or by designating the trust as a beneficiary). An unfunded trust contains no assets and consists of only the trust agreement itself.
- Revocable vs. irrevocable – A revocable trust can be changed or entirely revoked by the grantor up until the time of his or her death. Once the grantor passes away, it will become irrevocable. An irrevocable trust, on the other hand, generally can’t be changed or revoked once it’s created.
What Are the Benefits of Creating a Trust?
There are numerous reasons why someone would want to create a trust. For example, setting up a trust can help the grantor:
- Manage how his or her assets will be used
- Take advantage of certain tax benefits
- Spare the beneficiaries from having to go through the probate process after his or her death
- Keep his or her finances private
Schedule a Free Consultation
If you’d like to know more about trusts and the many benefits they offer, contact The Lyons Law Group, P.A., today and ask to schedule an initial consultation. One of our knowledgeable estate planning lawyers will be happy to sit down with you and help you determine whether a trust would serve your goals. We have offices in New Port Richey and Spring Hill, so just let us know where you’d like to meet.