Living Trusts

Welcome to St. Petersburg trust lawyer James W. Martin, P.A., serving the Tampa – St. Petersburg Florida community. As a provider of comprehensive legal services, one of his core areas of focus is Living Trusts. James W. Martin is well-versed in helping clients administer, contest, and litigate various types of trusts and their assets so that their legacy is carried out according to the wishes of the person creating the trust. Trusts can be an incredibly valuable tool in estate planning, offering potential benefits and requiring assets’ distribution according to designated terms. James W. Martin is committed to facilitating ease, clarity, and above all, peace of mind in all matters related to trusts. To learn more about his Trusts services, don’t hesitate to contact him at (727) 821-0904. Trust in his competence to guide you through every step of the process. His goal? Your peace of mind.

Formation of Trusts

Creating a trust involves a strategic structuring of assets and estate planning that seeks to provide protection and seamless transition of wealth to designated receivers, known as beneficiaries. Through this probate and trusts lawyer located in St. Petersburg, Florida, numerous clients have obtained satisfaction and peace of mind through comprehensive trust lawyer services.

In order to provide a clear understanding of trust creation, it’s crucial to define key terms. The settlor, also referred to as the grantor, is the individual or entity that establishes the trust by transferring assets into it. The trustee is a person or institution assigned by the settlor to manage the assets within the trust according to specific instructions for the benefit of the beneficiaries. The beneficiaries are the persons or entities chosen by the grantor to receive the benefits from the trust.

Creating a trust under Florida law typically requires three necessities: a settlor, a trustee, and trust assets. Why are trusts utilized? Some people seek to avoid probate on certain assets or plan for incapacity or for minor children. Others wish to provide controlled wealth distribution to beneficiaries or to contribute to charitable causes.

No matter the purpose of the trust, James W. Martin’s principal aim is to guide clients in St. Petersburg and throughout Pinellas County, equipping them with the necessary legal knowledge for prosperous trust management.

Types of Trusts

Here are a few types of Florida trusts:

Revocable Living Trusts: Unlike Wills, these trusts offer a means to avoid probate for their assets and provide immediate access by your successor trustee at death to funds for your beneficiaries. They are flexible legal instruments that you can amened or revoke at any time during your lifetime.

Irrevocable Living Trusts: Once created, these trusts cannot typically be altered or terminated without the beneficiaries’ consent.

Testamentary Trusts: Created through your will, and effective after your death, testamentary trusts provide guidelines over distribution of assets to beneficiaries. However, their assets don’t avoid the probate process.

Trusts can be a significant part of estate planning. Ensuring they are appropriately drafted to suit your individual needs and objectives is a priority.

Duties of a Trustee

A cornerstone of estate planning, trusts bestow responsibilities onto trustees who owe fiduciary duties to the beneficiaries. These duties should be carried out with the utmost care and diligence. At times, these duties may be in breach or neglected, which can unfortunately lead to violations of trust rights. Knowledgeable in navigating the complex web of trust law, James W. Martin can help you efficiently manage, protect and distribute trust assets, while providing the peace of mind that comes with knowing it is being done correctly.

Help To Pursue Your Goals

In the realm of trust law, it’s vital to have a dedicated lawyer by your side. James W. Martin, P.A. offers a diverse array of legal services designed to help administer a trust after the death of the grantor. From the review of trusts, navigating the duties of trustees, to understanding different types of trusts and their benefits, he strives to facilitate focus and understanding. He believes in moving beyond the one-size-fits-all approach, providing personalized legal services to meet the unique needs and objectives of each client. His aim is to foster informed decision-making, equipping you with the necessary tools to make strategic estate planning decisions for the transfer of assets at death. Reach out to him at (727) 821-0904 to learn more about how e can assist you in your pursuit of your trust administration and estate planning goals. Trust in the convenience, clarity, and commitment as he guides you every step of the way.

Contact

If you have the need for a Florida wills, trusts, and probate attorney, you may use the contact form below or call James W. Martin directly at 727-821-0904 or email him at jim@jamesmartinpa.com .

The text on this page was written by James W. Martin, Esq. and was last updated on September 14, 2024.