The Importance Of Establishing Trusts
If you are seeking to establish a trust, it is important that your documents are handled by an experienced attorney. A misstep, oversight or ambiguity in the language of your trust could give rise to disputes and other complications. With a skilled lawyer crafting your documents, you can rest assured your assets and your wishes are protected.
The Law Office of James M. Burns in Pensacola handles a broad range of estate planning matters, including the creation of trusts. Attorney James M. Burns is a trusted legal ally for individuals and families throughout the Gulf Coast region.
Which Trusts Are Right For You?
Trusts perform a variety of asset-protection objectives. Some of the most common types of trusts include:
- Living trusts: This is a trust created during the grantor’s (the person establishing the trust) lifetime for both their own benefit and the benefit of their intended beneficiary.
- Testamentary trusts: These trusts are part of a will and only go into effect upon the death of the grantor.
- Revocable trusts: As the name suggests, the trust holder can change the terms of this type of trust whenever he or she wishes.
- Irrevocable trusts: This type of trust generally cannot be amended. Irrevocable trusts are often used to help beneficiaries maximize inheritances while avoiding unnecessary estate taxes.
- Charitable trusts: If you have philanthropic designs, a charitable trust can help you set aside wealth and assets for a charity whose work you wish to support.
- Special needs trusts: These trusts are designed to provide financial support for a person who is dependent upon public benefits. Without carefully planning how you support your loved one, you might accidentally render them ineligible for the benefits they rely upon.
After carefully reviewing your needs and goals, attorney James M. Burns can help you select the types of trusts that are right for you and your family.