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ORLANDO TRUSTS - LIVING TRUSTS ATTORNEY

Orlando Trusts Lawyer, providing experienced Trusts - Living Trust, Estate Planning and Probate Attorney legal services in Orlando, Orange County, and throughout the Central Florida Area.

Call 407.843.5885 to contact Orlando and Central Florida Trusts - Living Trust Attorney, Ronald L. Sims.

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 categories 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.

Types of Trusts

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 end 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 personally 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 experienced legal counsel.

Contact Orlando Trusts - Living Trust Attorney, Ronald L. Sims at 407.843.5885 to schedule a confidential legal consultation.

Orlando Trusts - Living Trust Lawyer, Ronald L Sims serving the Orlando, Orange County, Seminole County, Osceola County, and the surrounding Central Florida Areas.

CALL US TODAY AT    407.843.5885 in the Orlando and Central Florida Area

Orlando Attorney, Ronald L. Sims | Law Office of Ronald L. Sims, P.A. | 407.843.5885

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