Orlando
Trust Attorney
& Lawyer, providing experienced Trust Creation, Trust
Administration, Trust Litigation, and other Estate Law
legal services in
Orlando and throughout the Central Florida
Area.
A trust is
broadly defined as setting up a form of transferring
property or assets while you are still living, which
remains in effect in the event of your passing. A trust
can be an important tool in estate planning which may
keep part, or all of your estate out of probate in the event of your
passing.
A trust may be in
affect while you or living, or commence at the time of
your passing.
A Trust is often the best
method to provide for the needs of a beneficiary who
will need continuing supervision due to age, disability,
other special needs, or lack of financial
sophistication.
Ronald L Sims, P.A.,
represents the legal rights and goals of those creating
and setting up a trust, require trust
administration, or require legal services regarding
trust litigation
issues or disputes in Orlando and the Central Florida
area.
For a confidential legal consultation, please call
407.843.5885.
Just as with an
estate administrator, a Trustee is legally responsible
in ensuring the act in the best interest of the
beneficiary of the trust.
There are two kinds of inter vivos trusts: revocable and
irrevocable.
Revocable Trust:often
referred to as "living" trusts, the donor maintains
complete control over the trust and may amend,
revoke or terminate the trust at any time.
Irrevocable Trust:cannot be
changed or amended by the donor. Any property placed
into the trust may only be distributed by the
trustee as provided for in the trust document
itself. Irrevocable trusts are most often used by
high net worth clients in a effort to reduce their
taxable estate while still maintaining some control
over the assets.
Testamentary Trust:is created by a will, and it does not
come into existence until your passing. Such a trust
has no power or effect until the will of the donor is
probated. A testamentary trust will not avoid the need
for probate and will become a public document, as it is
a part of the will.
Supplemental Needs
Trust:is used to
enable the donor to provide for the continuing care of a
disabled spouse, child, relative or friend. The
beneficiary of a specially-drafted supplemental needs
trust will have access to the trust assets for purposes
other than those provided by public benefits programs.
In this way, the beneficiary will not lose eligibility
for benefits such as Supplemental Security Income,
Medicaid and low-income housing. A supplemental needs
trust can be created by the donor during life or be part
of a will.
Credit Shelter Trust:
is a way to
take advantage of the estate tax exemptions. The amount
that may be sheltered has changed considerably over the
past decade and is expected to continue changing into
the future. For this reason, is you already have a
trust, it is wise to review the provisions with an
attorney at least once every several years.
Even though a
Trust is typically not subject to the probate process,
these are still occasions when a trust may und up being
disputed in trust litigation. Click here to read about
trust litigation.
Potential trust
litigation issues may include, but are not
limited to:
Undue
influence:
When a person successfully persuades a person to
make decisions regarding the development of a trust,
which either directly benefits the person who
provides the undue influence, or adversely affects
others as a result of the undue influence.
Lack of
mental capacity:
when an individual who has set up a trust has their
mental capacity disputed relating to the trust and
estate decisions outlined the trust.
Trustee
Malfeasance:
When an appointed trustee fails to adequately adhere
to their prescribed duties, according the law. The
trustee may be personally held liable for trustee
malfeasance, and in some cases, may even be held
criminally liable.
Trust fund
distribution disputes:
typically exist between family members in which one
or more family member is either left out of a trust,
or they believe they did not receive a fair share of
trust assets.
Trust
Entitlement Petitions:
When an individual or individuals believe they have
a solid foundation to dispute the validity of a
trust, which the believe they have a legal right to
be included.
Property
Recovery:
Estate, trust or probate legal actions are sometimes
necessary to recover property on behalf of a trust
taken in violation of the terms of the trust.
Typically, legal action is taken in this manner due
to trustee malfeasance.
Breach of
Trust Duties:
When an appointed trustee fails to adequately adhere
to their prescribed duties, according the law, or
does not act in the best interest of the
beneficiary, the Trustee may be legally removed as
the Trustee, held personably liable for trustee
malfeasance, and in some cases, may even be held
criminally liable.
If you have questions, concerns, or legal needs
regarding trust creation, trust administration,
or trust litigation
issues, we urge you to seek the legal advice of an
experienced Orlando trusts attorney & lawyer.
We invite you to contact
Ronald L Sims, P.A.,by calling
407.843.5885.
250 North Orange Avenue, Suite
1112, Orlando,
Florida 32801 | Telephone 407-843-5885 | Fax
407-841-7774 |
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represent you, ask for written information about their
qualifications and experience. This website is intended
to provide general legal information regarding our areas
of legal practice, and should not be considered legal
advice, nor the creation of an attorney - client
relationship. An attorney - client relationship can only
be formed in writing between you and your attorney.
