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The purpose of a trust in estate planning

On Behalf of | Apr 14, 2021 | Estate Planning

If you are at a juncture at which you are contemplating planning your estate, you undoubtedly have a good many questions. These likely include questions surrounding wills and trusts. Among them may be queries surrounding how a Florida trust might be a good fit as part of the process.

Avoid the probate process

When it comes to will and trusts and the purpose of a trust in your estate planning process, there are a number of key benefits of including such an instrument in your plan. One of the most significant benefits is the fact that a trust permits the ability to avoid the probate process altogether when you pass on. Avoiding probate saves time, money and ensures that the beneficiaries named in your trust gain quick access to their inheritance.

Avoid taxes

In regard to the purpose and benefit of including a trust in your estate plan, avoiding taxes is also at the top of the list. Depending on the size of your estate, a federal tax liability may attach. By creating a trust during your lifetime and as part of your estate plan, you create an instrument that permits the lawful avoidance of taxes that might otherwise be imposed after your death.

In planning your estate, give serious consideration to retaining an experienced wills and probate lawyer. With the assistance of legal counsel, you are able to understand all of your estate planning options, including whether the establishment of a trust makes the most sense for you.