Not only do trusts differ by state, but there are also various types of trusts.  The Pittman Law Office staff includes an experienced Florida estate planning attorney and probate attorney.  The Villages is our primary service area, but we will work with clients that are retired in Central Florida. If your permanent residence is in Florida it is important to have a Florida estate planning attorney explain the different types of trusts to determine what best suits your situation and needs.

Living Trust

This type of trust is established by a person while they are alive.  A living trust is revocable.

Testamentary Trust

A testamentary trust – also referred to as a trust under will– is outlined in a person’s will and takes effect upon their death.  This type of trust is irrevocable.

Irrevocable Trust

With an irrevocable trust, the person no longer controls the assets of the trust and appreciation of the assets will not be subject to estate taxes.  The terms of an irrevocable trust are permanent with a few exceptions.

Revocable Trust

Unlike an irrevocable trust, the terms of a revocable trust can be changed and the assets may still be controlled by the person.

If you need to set up a trust, our estate planning lawyer in The Villages can help!  It is important to meet with a qualified estate planning attorney so you can ensure your affairs are in order and wishes will be carried out should you become incapacitated or pass away.  We also assist clients interested in making a will to charity. Our estate planning lawyer is also a qualified probate attorney. She and her caring team can assist you if you have a loved one whose permanent residence was in the state of Florida at the time of their death. Give us a call to schedule a consultation with our Florida estate planning attorney / probate attorney today!