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Fort Lauderdale Testamentary Trust Lawyers

Pompano Beach Testamentary Trust Law Firm

Broward County Attorneys Helping Clients Structure Testamentary Trusts

In Florida, there are numerous ways to pass down your property after death. Trusts and wills are the two main vehicles for handing down wealth. Testamentary trusts are a sort of combination of the two. A testamentary trust is a trust created by a will. Unlike most trusts, which take effect during the grantor's lifetime, a testamentary trust has no legal effect until after the person making the will (the "settlor") has died. While testamentary trusts, once in effect, generally work like other trusts, the way that they are created and activated is very different.

Estate planning can be a highly technical legal field. The Law Office of Miller & Miller, P.A. is here to help our clients create estate plans they can feel confident in. Our attorneys will fully explain all of your options for using trusts and wills to distribute your estate's wealth and aid you in making the choices that are best for you and your loved ones.

Attorneys in Oakland Park for Creating Testamentary Trusts

Testamentary trusts are created in wills. To do this, the settlor devises some or all of his estate property to a trust with a named beneficiary. Our attorneys can help you execute a will according to the legal formalities that accomplishes this smoothly and effectively. You can use your will to create more than one trust or a trust with more than one beneficiary. Special trusts for minors and special needs adults are an option as well.

The benefit of testamentary trusts over inter vivos (living) trusts is that you retain ownership of all your property. To create an effective trust, you must "fund" the trust by putting property into it - however, this involves transferring present ownership of your property from yourself to your trust. By using a testamentary trust, you can keep title to everything you intend to ultimately become trust property.

The downside is that in order for a testamentary trust to take effect, all estate property subject to the will must first pass through probate. Because the trust itself is technically the devisee, it must wait until the probate process is complete before estate assets can be placed in the trust.

The Law Office of Miller & Miller, P.A. will help you assess whether a testamentary trust fits into your overall estate plan. Our attorneys are skilled in piecing together complex plans for trust and estate property using a variety of testamentary documents depending on the personal needs of the client.

Controlling a Testamentary Trust

One of the major benefits of testamentary trusts is the level of control they offer the settlor. When you create a trust with your will, you reserve the right to control how the trust will be managed and distributed. You know the needs and tendencies of your intended beneficiaries, and our firm knows how to work with you to design a custom distribution plan.

As the settlor, you will appoint a trustee - a person you trust to manage the trust funds for your beneficiaries. This may be a financially savvy relative or family friend, or in some cases, a professional trustee may be appropriate. The Law Office of Miller & Miller, P.A. will work closely with you to develop a plan for how your trust will be distributed over time.

Call a Fort Lauderdale Testamentary Trusts Attorney

The Law Office of Miller & Miller, P.A. is skilled in navigating the complexities of estate planning. Our attorneys will guide you through all your options, and if a testamentary trust is the right fit for your overall estate plan, we will custom design one that meets the needs of you and your beneficiaries. Contact our office or call 954-981-9301 for a free consultation. We serve clients in Fort Lauderdale, Wilton Manors, Pompano Beach, Oakland Park, and throughout Broward County.

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