Trust and estate planning in St. Petersburg, Clearwater and throughout Florida
A trust is a legal entity that holds title to property (real or personal) for the benefit of one or more people, charities, pets, etc. Property titled in the name of a trust avoids probate. Therefore, administering a trust can take substantially less time than probate. A trust conventionally arises when property is transferred by one party to be held by another party for the benefit of a third party, although it is also possible for a legal owner to create a trust of property without transferring it to anyone else, simply by declaring that the property will henceforth be held for the benefit of the beneficiary. The beneficiaries are beneficial (or equitable) owners of the trust property. Either immediately or eventually, the beneficiaries will receive income from the trust property, or they will receive the property itself. The extent of a beneficiary’s interest depends on the wording of the trust document. One beneficiary may be entitled to income (for example, interest from a bank account), whereas another may be entitled to the entirety of the trust property when he attains the age of twenty-five years. For estate planning purposes, at the owner’s death, there is a both a cost savings and time savings advantage related to probate costs and distributions of assets in having certain real property in a land trust.
For help or answers to will and estate related questions, you can contact BaskinFleece at 727.572.4545.