A living trust, also called inter vivos trust is created during the settlor’s lifetime . Living trusts can be either revocable or irrevocable.
The settlor remains in control and ownership of his or her assets and can be changed and terminated at any time. This type of trust does not provide protection against creditors but it is an excellent tool to dispose of your property after death by avoiding probate proceedings.
Once assets are transferred into the trust, they belong to the trust itself, and remain subject to the rules and instructions set up in the trust instrument. The trustee has a fiduciary duty to administer the trust funds accordingly for the benefit of trust beneficiaries. At settlors death, the trust assets pass directly to the beneficiaries and avoid probate proceedings.
Once the irrevocable trust is created, the settlor can no longer control trust assets, modify, change or revoke the trust instrument. Once a property is transferred to the irrevocable trust, no one, including the settlor, can remove the property out of the trust. Generally, this type of trust provides protection against creditors and assures that upon your death, your assets are passed to trust beneficiaries and not to your creditors. However, a court can sometimes invalidate an irrevocable trust if it finds that the trust was established with the intention of defrauding creditors. Therefore, it is important to plan for asset protection well before you even anticipate to be subject to any creditor claims.
Agnieszka “Aga” Piasecka is a Wills and Trust Lawyer in Clearwater
Agnieszka “Aga” Piasecka is a Wills and Trust Lawyer in Clearwater, Florida with more than 18 years of experience. Aga speaks fluent Polish, Italian and English and is an Lawyer in Florida and Poland. Aga Piasecka obtained her Juris Doctorate Cum Laude from Stetson University College of Law in Florida and her Masters Degree in Law with Honors from Jagiellonian University in Poland. Aga Piasecka is fluent in Polish, Italian and English and can assist you with all of your Wills and Trust needs in Florida.
Free Consultations and Flat Rates
Clearwater Lawyer Aga Piasecka offers Free Consultations and Flat Rates on creation of Wills and Trusts, Quit Claim Deeds and Powers of Attorney. Aga Piasecka’s Clearwater Law Office is conveniently located at 13575 58th Street North, Clearwater, Florida 33760 near the Saint Petersburg – Clearwater International Airport.
For a free consultation please call:
Agnieszka “Aga” Piasecka, Wills and Trusts Lawyer, can assist you with all of your Wills and Trusts needs in Clearwater, Florida.