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Turco Legal
2401 PGA Boulevard
Suite 200
Palm Beach Gardens, FL
33410 |
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Generally speaking, trusts have a person who creates it (the settlor), a trustee, and a beneficiary. The settlor is the person who funds or creates the trust. The beneficiary or beneficiaries are the people or entities that benefit from the assets in the trust. The trustee is the person or entity that oversees and manages the trust and all the assets therein. The trustee has fiduciary duties to the beneficiaries which are legally enforceable. Perhaps one of the greatest benefits of a trust as an estate planning tool is that it avoids probate. Therefore, beneficiaries can get the trust  assets at the point of death, rather than months later through the probate process.
Beyond these basics, there are many types of trusts designed to meet the needs of our clients. Below are some of the most common types, but we encourage you to contact our office and speak with an attorney to learn more or make an appointment.
Inter Vivos Revocable Trust
This is the most common type of trust used in the estate planning process. It allows the client to transfer assets to their heirs while avoiding the probate process. Because it's revocable, the client can take back the funds and terminate the trust during their life. Call our office today to set up a revocable trust at (561) 472-0919.
Testamentary Trust
This type of trust is also common. It's created not during life, but at the time of death. It's created by the language of the will and it's funded by property from the will. Call our office today to set up a testamentary trust.
Pet Trust
This type of trust is technically called an "Honorary Trust". Pet trusts are not available in most states, but they are available in  Florida. The reason they are not available in some states is because a general rule of non-charitable trusts is that they have an ascertainable beneficiary. The beneficiary must be a human being in such a trust and a pet does not qualify. The Florida legislature, however, has made a statutory exception to this rule. Therefore, a client may set up a trust for the purpose of taking care of his or her pet until it dies. Call our office today to set up a pet trust at (561) 472-0919.
Turco Legal
A Private Law Firm
4440 PGA Boulevard, Suite 600
Palm Beach Gardens, FL 33410
(561) 472 - 0919
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| Turco Legal handles all components of divorce matters including, the dissolution of marriage, alimony, custody, child support, enforcement of alimony and support, child relocation, paternity, same-sex couples, prenuptial agreements, postnuptial agreements, antenuptial agreements, cohabitation agreements, restraining orders, domestic violence, domestic abuse. The firm also handles all components of adoption matters, including surrogacy, surrogate mother representation, placement, and foster care placement. The firm also handles all components of estate planning, including wills, last wills and testaments, trusts, revocable trusts, irrevocable trusts, intervivos trusts, pour over wills, pet trusts, honorary trusts, durable power of attorney, health care advanced directives, health care surrogates, health care proxies, health care proxy, do not prolong life order, probate, intestate distribution, will contests, capacity challenges, guardianships, and homestead property. |
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