Living Trusts – Questions and Answers
Living Trusts Attorney Clearwater
Attorney Agnieszka “Aga” Piasecka is a Wills and Trusts Attorney in Clearwater, Florida with 15 years of legal experience. Aga can assist you with these and other questions pertaining to living trusts. For a FREE consultation regarding your living trust needs please call:
Living Trusts Questions
What is a living trust?
How can a living trust help my family and loved ones?
Is a living trust the best kind of trust for me?
Should I set up a living trust?
When is the best time to set up a living trust?
Who sets up a living trust?
How much does it cost to set up a living trust?
Does a living trust provide protection against creditors?
Can a living trust be used as a tool to dispose of my property after my death?
Will a living trust help my family and loved ones avoid probate proceedings?
What is the difference between a living trust and an inter vivos trust?
When can a living trust be created?
When is the best time to create a living trust?
Is a living trust created during the settlor’s lifetime?
What are the different types of living trusts?
Can a living trust be revocable or irrevocable?
What is a revocable living trust?
What is a irrevocable living trust?
Will my assets need to be transferred into the living trust?
Who sets up the rules and instructions in the living trust instrument?
Will I need to name a trustee for my living trust?
Who should I name as the trustee for my living trust?
What are the living trust’s trustee fiduciary duties?
Can the trustee be a beneficiary named on my living trust?
At settlors death, will the living trust’s assets pass directly to the beneficiaries and avoid probate proceedings?
Living Trusts Answers
A living trust, also called inter vivos trust is created during the settlor’s lifetime . Living trusts can be either revocable or irrevocable.
a. Revocable trusts
The settlor remains in control and ownership of his or her assets and can be changed and terminated at any time. This type of trust does not provide protection against creditors but it is an excellent tool to dispose of your property after death by avoiding probate proceedings.
Once assets are transferred into the trust, they belong to the trust itself, and remain subject to the rules and instructions set up in the trust instrument. The trustee has a fiduciary duty to administer the trust funds accordingly for the benefit of trust beneficiaries. At settlors death, the trust assets pass directly to the beneficiaries and avoid probate proceedings.
b. Irrevocable trusts
Once the irrevocable trust is created, the settlor can no longer control trust assets, modify, change or revoke the trust instrument. Once a property is transferred to the irrevocable trust, no one, including the settlor, can remove the property out of the trust. Generally, this type of trust provides protection against creditors and assures that upon your death, your assets are passed to trust beneficiaries and not to your creditors. However, a court can sometimes invalidate an irrevocable trust if it finds that the trust was established with the intention of defrauding creditors. Therefore, it is important to plan for asset protection well before you even anticipate to be subject to any creditor claims.
If a living trust is right for you, Attorney Aga Piasecka can assist you with the creation of a new living trust or with the modification of an existing living trust. Aga offers FLAT RATES and FREE consultations regarding all living trusts matters. For a FREE consultation regarding your living trust needs please call:
Attorney Aga Piasecka’s Clearwater Law Office is conveniently located at 13575 58th Street North, Clearwater, Florida 33760
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About Attorney Agnieszka “Aga” Piasecka
Attorney Agnieszka “Aga” Piasecka is an Estate Planning, Wills and Trust, Lawyer in Clearwater, Florida with 15 years of experience. Aga speaks fluent Polish, Italian and English and is an Attorney in Florida and Poland. Attorney Aga Piasecka obtained her Juris Doctorate Cum Laude from Stetson University College of Law in Florida and her Masters Degree in Law with Honors from Jagiellonian University in Poland. She also studied International Law in Holland and worked in Italy where she learned to speak Italian fluently. Attorney Aga Piasecka is fluent in Polish, Italian and English and can assist you with all of your living trust needs in Clearwater, Florida.