Have a Trust in Place for the Legal Challenges of Aging
One of the key tasks in planning for the financial future of your beneficiaries involves putting your thoughts into action. Because you will no longer able to express your wishes to loved ones, requests must be clear and concise in order for them to be followed after you are gone.
You can maximize the possibility that requests for beneficiaries will be carried out by setting up a trust. There are many different types of trusts from which to choose, and the firm of Grady H. Williams, Jr., LL.M., Attorneys at Law, P.A., can help you select the one best suited to your needs.
Also called living trusts, a revocable trust allows you to change its terms anytime while you are living. Assets held within revocable living trusts avoid probate after your death. However, these assets can also be accessed by creditors, and are subject to applicable taxes. An irrevocable trust, on the other hand, avoids some tax issues and helps shield your assets from creditors. The downside is that these trusts cannot be altered to the same degree as revocable trusts after they are made.
If you are located in the greater Jacksonville area, related trusts that you may want to consider are: family trusts to protect the personal or business assets of a family, IRA trusts to preserve IRA assets for named beneficiaries, income trusts to foster investments and contain income-producing assets.
Administering a trust can be a difficult task. Your successor trustee will work with or serve as necessary as your personal representative. When planning your estate, be sure to choose an individual who is up to the challenge of such a job. Settling debts, probating a will, distributing assets, filing taxes, and even litigating unresolved issues are all responsibilities that can fall to a personal representative or successor trustee. Our team can help you choose someone who is capable of performing these duties. Or, if you are currently a successor trustee or personal representative with legal questions and concerns, we can assist in finding appropriate solutions.
Unfortunately, even after irrevocable and revocable trusts are established, challenges can still be made in court. When you face substantial legal difficulties, you need a team of professional, knowledgeable, skilled, and—above all—committed to winning your case. The team at Grady H. Williams, Jr., LL.M., Attorneys at Law, P.A., has been proud to serve as those professionals for more than 20 years.
When it comes to planning your estate, you need confident legal guidance. At Grady H. Williams, Jr., LL.M., Attorneys at Law, P.A., we have the knowledge, experience, and the compassion to partner with you in the journey ahead.
“Don’t be a victim of one size fits all planning. Know your legal rights about elder law and estate planning and act accordingly!”