Taking the Right Steps After Creating a Trust
Nowadays there are many people in Florida who are realizing that establishing a trust might be a preferable option when it comes to estate planning. Most people know that, for the most part, establishing a trust is a great way to avoid the probate process when it comes to the distribution of assets upon death. There are many different types of trusts to consider, from revocable to irrevocable trusts, as well as charitable trusts and testamentary trusts, just to name a few. However, many of our readers may not realize that just the act of setting up a trust isn't enough to get things done. It is important to take the right steps in the immediate aftermath.
The biggest step to take after the creation of a trust is to re-title the appropriate assets in the name of the trust. According to a recent article, this is one of the biggest oversights that many people commit after setting up a trust. Some people just forget to do this, while others may know that they need to do it but they also know that doing so will involve a lot more paperwork - and they just don't want to deal with it.
Most trusts are set up with specific trustees and beneficiaries in mind. However, there can be many different types of changes in life that make it necessary to rethink these decisions. If it is a revocable trust, changes to the trust are allowed.
Florida residents who are thinking about their estate planning goals would be wise to consider all of their options. And, when it comes to trust administration, those options can be seemingly limitless. It is important for people in this situation to have the right information so that they can make the right choices.
Rignanese & Associates is available to work with clients on their estate planning needs. Please reach out to us at our new headquarters at 203 Avenue A, NW, Suite, 101, Winter Haven, Florida 33881 at 863.294.1114.
On behalf of Kelly Kennedy of J. Kelly Kennedy, Attorney/CPA, P.L.L.C; J. Kelly Kennedy, Attorney/CPA, P.L.L.C. has merged with Rignanese & Associates, PLLC. Source: poughkeepsiejournal.com, "Proper estate planning more than just documents," Bernard A. Krooks, Feb. 2, 2017