Trusts are a valuable estate planning tool that can accomplish many different goals for individuals with all levels of assets and income. Based in Englewood, Florida, the law office of Cameron Loh, ESQ PLLC assists clients with determining whether they can benefit from including a trust in their estate plan, drafts all types of trusts for clients, and helps with the necessary process of funding the trust.

How Does a Trust Work?

A trust is a specific type of legal arrangement established through a carefully drafted document that defines the terms under which the trust will operate. Setting up a trust requires executing the document that establishes the trust as well as funding the trust with assets.

In the trust document, the person creating the trust, referred to as the grantor or settlor, establishes the terms for management, administration, and distribution of trust assets. The grantor also designates a trustee, who has fiduciary duties under the law in managing and administering the trust. The document also names the trust beneficiaries, the individuals or organizations (such as charities) who receive distributions from the trust.

There are many different types of trusts. A trust can be irrevocable, which means it cannot be changed after it is established, or it can be revocable, in which case the grantor can change, revoke, or terminate the trust. A trust also can be testamentary and take effect on the grantor’s death, or it can be an inter vivos or living trust.

Federal and state laws strictly regulate trusts. You should never attempt to create a trust without assistance from a knowledgeable estate planning attorney. Cameron Loh helps clients set up and fund all types of trusts as part of an estate plan.

Types of Trusts in an Estate Plan

Trusts can accomplish many different, important goals in an estate plan. A trust can give the grantor control over distribution of property and money even after the grantor passes away. In contrast, property given to a beneficiary in a last will and testament goes completely and immediately to the recipient (except for minor children), with no control over how the assets are used. For that reason, a trust is often used to protect a family legacy for children and grandchildren.

A trust can also avoid probate, saving the time and expense of the probate process and maintaining the privacy of the financial details in the deceased person’s estate. Trusts are also used to accomplish charitable purposes, assist individuals with special needs without compromising their ability to receive government benefits, achieve Medicaid eligibility for long-term care, and protect assets.

Revocable living trusts have increased in popularity in recent years. This type of trust is created during the grantor’s lifetime and passes to the ultimate beneficiaries after the grantor passes away without going through probate. As the name implies, the trust can be changed, revoked, or terminated at any time during the grantor’s life.

A revocable living trust or any other type of trust must be drafted in strict accordance with legal requirements in order to accomplish the intended purposes. For that reason, setting up a trust and funding a trust requires assistance from a knowledgeable estate planning attorney. If you attempt to set up a trust without professional assistance, you can create significant problems for yourself, your family, and your estate.

Should You Have a Trust?

While not every estate plan should include a trust, many individuals can accomplish important goals by creating a trust. Cameron Loh works closely with estate planning clients to determine whether a trust is appropriate for their estate plan. He explains what type of trust the client may wish to consider, what is involved in setting up the trust, and how the trust would accomplish the client’s estate planning goals.

If a client’s estate plan can benefit from a trust, Cameron can help the client establish the right type of trust for their needs and wishes, including:

• Revocable living trust
• Special needs trust
• Testamentary trust
• Charitable trust
• Medicaid trust

Regardless of whether your estate plan includes a trust, Cameron always provides exceptional, individualized service to ensure that every client establishes the right type of estate plan for their needs and goals.

Schedule a Free Consultation

We welcome you to contact Cameron Loh to schedule a no-cost, no-obligation consultation to discuss whether you could benefit from including a trust in your estate plan. Our fees for legal services are always reasonable and competitive. In our initial discussion with you, we explain all the details about the fees for the services you wish to consider.