Panama City Trust Lawyer
Assisting Clients in Panama City, Florida
A trust is an estate-planning tool that can replace or supplement a client's last will and testament. It can also help an individual manage property during their lifetime. In a trust, a person's property is managed and ultimately distributed according to its terms. A trust can be intact for an extremely long time, and the terms of administration [the content governing the trustee(s)] can be as ridged or as flexible and the situation demands. Trusts are often an appropriate choice when constructing an estate plan.
Florida law imposes certain responsible on trustees. It is not uncommon for a named trustee to need advice and assistance with the proper administration their trust. It is always a good idea to have a competent professional to review your situation and to make sure that a trustee is acting properly.
If you live or work in the Panama City area and you are interested in discussing the benefits and issues surrounding the use or administration of a trust, I will be glad to meet with you. We will sit down with you and/or pertinent family members to discuss your particular situation. As a Panama City trust attorney with extensive knowledge in tax law,
wills, I have the tools needed to ensure that your trust is optimally designed and or administered to meet your needs.
Testamentary Trust- A testamentary trust involves the transfer of property into the trust only after the grantor of the trust has deceased. A testamentary trust is commonly specified in a will. This type of trust allows the grantor to delineate conditions for the benefits to be disbursed and may allow payments of benefits to spread out over a period of time.
Living Trust- A living trust begins during the life of the grantor and may be designed to continue after his or her death. This type of trust may help to avoid probate if all assets are included in the trust before the grantor dies. Trusts may be revocable, which means the grantor may change the terms of the trust any time after it's created, or irrevocable, which means that the terms cannot be changed.
Would you like to discuss the formation of a trust?
Contact Panama City trust lawyer
Max W. McCord III to get started on the creation of your trust today!