Creating a Trust: Ensuring Your Legacy Lives On

Establishing a trust as part of your estate plan is a vital step in securing the future of your assets and ensuring your loved ones are taken care of as you intend. This powerful estate-planning tool provides a sense of comfort and security, knowing that your legacy will be preserved according to your wishes. 

At Earl Harmon Law, P.A., we recognize that creating a trust often coincides with other life events such as aging, illness, and the thoughtful planning of the future for loved ones. Crafting a trust can be emotional, as it involves confronting mortality and deciding who will inherit your assets. Collaborating with knowledgeable professionals and involving your loved ones throughout the process is important to navigate these emotional challenges and ensure that the trust document reflects your values and wishes.

Protecting Your Wealth and Your Loved Ones

The decision to enlist a compassionate and knowledgeable attorney to create a trust can profoundly affect the outcome. At Earl Harmon Law, P.A., our client-centered approach can guide you through this complex process. We anticipate potential issues or challenges and ensure your trust is well-crafted, legally sound, and every detail is meticulously addressed.

When you choose to work with Attorney Harmon, you know your trust is entrusted to capable hands, and your wishes will be thoughtfully honored. We are committed to listening to your concerns with empathy and understanding, offering quality legal support during a difficult time.

Why Establish a Trust?

Creating a trust serves several purposes. A primary advantage is avoiding probate, which is known as a costly and time-consuming endeavor. Additionally, a trust can also be instrumental in minimizing estate taxes and shielding your assets from creditors. A trust affords you the power to control how your assets are distributed and provide for your beneficiaries after you are gone.

Unlike a will that only becomes effective after your passing and is subject to probate proceedings, a trust takes effect immediately and manages your assets during your lifetime. This feature is particularly beneficial if you become incapacitated or unable to manage your affairs due to illness, injury, or aging. At Earl Harmon Law, P.A., we are here to help you choose the most suitable trust based on your circumstances and goals. 

Common types of trusts include:

  • Revocable Trusts
  • Irrevocable Trusts
  • Living Trusts
  • Testamentary Trusts
  • Charitable Trusts
  • Special Needs Trusts

Understanding Trust Administration

When a trust is established, the trustee, an individual chosen to manage the trust, has a legal duty to act in the beneficiary’s best interests. A trustee’s duties may be complex, including investing assets, distributing income to beneficiaries, paying debts to creditors, dealing with tax liabilities, and keeping detailed records of all transactions. 

A trustee is responsible to oversee the assets consistent with the trust’s defined goals and objectives. As a trustee, you must understand your fiduciary duties and responsibilities and manage the trust assets prudently and in accordance with the law.

Trust administration may be time-consuming, especially if dealing with a sizable estate or multiple beneficiaries with competing interests. Having an attorney by your side is essential to guide you through the process and help you navigate any legal or tax complexities.

Let Earl Harmon Law, P.A. Safeguard Your Future

Trusts are powerful estate-planning tools. Attorney Harmon is dedicated to helping you create a trust that aligns with your needs and objectives. Whether you aim to protect your assets, provide for your loved ones, or support a charitable cause, we can help you achieve your goals.

Contact Earl Harmon Law, P.A. at (352)973-9699 to schedule a FREE 30-minute phone or video consultation to learn how we can assist you with your estate-planning needs. We represent clients in Lake, Seminole, Sumter Counties, Florida, and the surrounding areas.

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