Winter Park Trusts Attorney

Comprehensive Estate Planning Solutions in Florida

Since we cannot predict when accidents or illness may strike, it’s extremely important to establish an estate plan so that our futures and the future of our loved ones are protected. When you are looking for an attorney to establish a will or a trust on your behalf, it’s important to work with a lawyer who is ethical, experienced, and committed to client satisfaction.

At Richard A. Heller, P.A., our hard work and dedication has earned us an A+ accreditation from the Better Business Bureau, a top Superb Rating from AVVO, and a Distinguished Rating by Martindale-Hubbell® for having high ethical standards and legal ability.

Understanding Revocable and Irrevocable Trusts

There are two basic types of trusts: living trusts and testamentary trusts. Living trusts are set up during the person’s lifetime and testamentary trusts are set up in a will and established after the death of the person when the will goes into effect. Living trusts can be “revocable” or “irrevocable.”

Revocable trusts allow you to maintain control over the trust assets and you can revoke or change the terms of the trust at any time.

With an irrevocable trust, the assets are no longer yours and you typically can’t make any changes without the beneficiary’s consent.

There are many different types of trusts that serve different purposes, some of which include:

• Credit Shelter Trusts (bypass or family trust)
• Generation-Skipping Trusts
• Qualified Personal Residence Trusts
• Irrevocable Life Insurance Trusts
• Special Needs Trusts
• Qualified Terminable Interest Property Trusts

With a trust, a trustee holds legal title to the property for another person, called the beneficiary. However, you can be the trustee of your own living trust during your lifetime, thereby allowing you to keep full control over the assets held in the trust. Different types of trusts can help you avoid probate, reduce estate taxes, or set up long-term property management.

To learn more about wills & trusts and how our estate planning services can help you, contact a Winter Park estate planning attorney from Richard A. Heller, P.A.!