The estate planning practice at Olive Judd assists clients in developing trusts that best meet their individual needs and objectives. Our lawyers are experienced estate planning attorneys with a full understanding of the benefits and drawbacks associated with various types of trusts. We prepare a wide range of trust documents for clients, including revocable or living trusts, special needs trusts, life insurance trusts, and charitable trusts. Our firm also assists clients in the administration of trusts and represents beneficiaries and trustees involved in sensitive trust litigation matters .
Revocable and Irrevocable Trusts
A trust creates a legal relationship whereby one person (the “trustee”) holds another individual’s property for the benefit of others (the “beneficiaries”). The trustee is responsible for managing the trust and has a duty to safeguard the property in the trust for the beneficiaries. There are different types of trusts and many different reasons for creating them. Some of the most common reasons for establishing a trust include avoiding lengthy probate proceedings, reducing taxes and protecting one’s privacy – unlike a will, there is no public record of the assets and distributions associated with the trust.
In a revocable or living trust, the person who creates the trust (the “grantor”) maintains control over the trust and has the right to make changes to the trust and terminate it at any time. In most situations, the grantor will serve as the trustee of the revocable trust. Should the grantor become incapacitated or die, the successor trustee named in the trust would assume the duties held by the trustee.
A trust can also be irrevocable. Unlike a revocable or living trust, in an irrevocable trust the grantor cannot modify or terminate the trust without permission from all of the beneficiaries to the trust.
If you have questions about establishing a trust or are in need of guidance in the administration of a trust, a Fort Lauderdale trusts attorney at Olive Judd can provide advice and solutions that best meet your circumstances.