While wills are far more common, some persons prefer to handle distribution of their estates through the mechanism of trusts. Administered largely outside the probate system, trusts are more attractive for some persons because administrative expenses are likely to be lower and less information on estate details is available to the public.
Trusts can be linked to wills, or exist independently of them. They can also be set up in order to devote assets for the care of a person requiring extensive health or custodial care.
Persons creating trusts can also opt for irrevocable trusts, which permanently transfer control of some assets to the trust, and designate the beneficiaries intended to receive those assets after the trust creator dies, or they can instead choose to create a revocable trust, which allows the trust’s creator to retain control of trust assets.
The King Firm PA can assist central Floridians in understanding and setting up trusts. The firm can also assist trustees in their duties, and is available for free, confidential consultations.