As a Florida trust attorney, I’m often asked, “Do I need a trust?” There are many reasons why your estate may benefit from a revocable or irrevocable trust. In Florida trust laws are often confusing, and it’s best to consult an estate planning attorney when dealing with trusts and estates. An estate planning attorney is best equipped to help you determine whether a trust should be part of your estate plan.
However, over the years our office has devised a list of questions regarding trusts and estates to help clients determine whether a trust may be recommended. Ask yourself the following 10 questions. If you answer “yes” to any of them, a trust may be in your future.
Florida Trust Attorney’s 10 Indicators that You May Need a Trust
- Do you own or have some interest in a business or professional practice?
- Do you have beneficiaries that are under the age of 25?
- Do you have children or other loved ones that have special needs or are developmentally disabled? By special needs, I mean that your loved one will never be able to financially support himself or herself due to a physical or mental disability?
- Are you in a second marriage?
- Are you on other than good terms with any of your legal heirs? By legal heirs, I mean people who will share in your estate unless you state in a trust (or will) that the person(s) must not share in your estate.
- Do any of your family members have a physical illness for which there is not a cure or that will likely result in a shortened life span?
- Is any family member or other loved one in need of creditor protection?
- Is any family member bad at managing money?
- Other than your primary residence in Florida, do you own other real estate either in Florida or in another state?
- Is your estate worth close to $2,000,000 or will it likely be valued at this amount during your lifetime? When the word “estate” is used, it doesn’t mean you have property with a number that has several zeros after it. Whatever you have constitutes your “estate.”
If you answer yes to any one of the above questions from our Florida trust attorney’s office, you owe it to yourself and your loved ones to consider whether a revocable or irrevocable trust in Florida may be appropriate for your planning purposes. Florida’s trust laws have helped many people protect and preserve their estate for future generations.
Would you like more information?
Florida trust attorney Howard C. Stross recommends the following pages on this website for more information on trust law, trusts and estates:
Or call us toll free at 813-852-6500.