Jacksonville Trust Lawyers
Set up a Trust in Jacksonville, FL with Edwards & Edwards, P.A.
Creating a trust can strengthen your estate plan and give you more control over what happens to your assets when you pass away. With trusts, you can make conditional gifts, avoid probate, and reduce your tax liability. You can also help your heirs manage your estate and use your assets the way you intended.
If you’d like to add a trust to your estate plan, Edwards & Edwards, P.A. can help. We have more than 50 years of combined experience, and as a sister-owned, family-operated firm, we understand what’s at stake.
Call us at (904) 478-9255 to learn more about setting up a trust in Jacksonville, FL.
What Is a Trust?
According to Fidelity:
“A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.”
When you create a trust, you put assets into a bank account (sometimes called a trust fund) and give a trustee the right to manage that bank account. Sometimes, you can maintain partial control of the trust while you are still alive and pass the control to another trustee when you die.
There are many types of trusts.
What Are the Types of Trusts?
The trust we described above (where you maintain control of the trust until you die) is called a living trust or inter-vivos trust. You can also create a testamentary trust or will trust, which specifies what happens to your assets when you die. A testamentary trust can be helpful if you wish to leave behind conditional gifts. For example, you may want to leave your daughter an inheritance – but only if she finishes college.
In a testamentary trust, the trustee can help ensure your wishes are followed and award funds according to certain conditions.
Trusts can also be revocable or irrevocable. You can change a revocable trust during your lifetime, but you cannot change an irrevocable trust. Most trusts become irrevocable when you die, and testamentary trusts are always irrevocable.
For tax reasons, irrevocable trusts are more favorable. You can avoid tax liabilities because the assets in a trust are no longer in your possession, and in many cases, are no longer taxable.
Different trusts also apply to different situations. Some common types of trusts include:
- Marital trusts
- Bypass or credit shelter trusts
- Testamentary trusts
- Irrevocable life insurance trusts
- Charitable lead trusts
- Charitable remainder trusts
- Generation-skipping trusts
- Qualified personal residence trusts
- Qualified terminable interest property trusts
- Grantor retained annuity trusts
- Separate share trusts
- Spendthrift trusts
- Special needs trusts
- Blind trusts
- Totten trusts
The type of trust you choose will depend on what you want to do with your assets, which benefits of trusts are most important to you, and the details of your unique situation.
Yes. Many people think trusts are just for the wealthy because they can be expensive to establish and maintain. On the contrary, every person with an estate plan can benefit from a trust, and some trusts are specifically designed for people receiving government benefits. Other trusts require very little setup and maintenance, and others still can be funded and/or implemented upon death.
Everyone can enjoy the benefits of a trust, from privacy to peace of mind.
Tell our team at Edwards & Edwards, P.A. about your situation, and we will work together to create a trust and estate plan that achieves your goals.
We are responsive to our clients and offer affordable estate planning services to help you make the most of your legacy.
Over 50 Years of Combined Experience
Wide Range of Legal Services Available
Responsive to Client Communication
Sister-Owned Firm, Entirely Run by Women