Trusts

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.

Our Jacksonville trust attorneys can help you use trusts to protect your legacy and accomplish your goals.

Are Trusts for Everyone?

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.

Put the sisters-at-law on your side – call us at (904) 478-9255 or send us a message online to get started today.


 


The Sisters-at-Law are On Your Side

What Sets Us Apart
  • Over 50 Years of Combined Experience
  • Wide Range of Legal Services Available
  • Responsive to Client Communication
  • Sister-Owned Firm, Entirely Run by Women
  • Flexible Payment Plans Available
  • Habla Español

What Our Clients are Saying

Testimonials
  • I will continue to refer my friends and family to the team at Edwards & Edwards.

    “Their commitment to each and every client is impressive. I've referred two individuals to them now and I have been thanked for doing so by both of them.”

    - Matt Igou
  • I just absolutely adore Miss Amanda Edwards!

    “Fantastic attorney and extremely personable”

    - Ann Marie Martin
  • I highly recommend Edwards & Edwards!

    “Meghan and her team ARE amazing! They did a closing on a home today in Palm Coast, Florida. I am very impressed with their knowledge and professionalism!”

    - Jeff Sawyer
  • Thanks, Melissa.

    “I am very happy with the services of Edwards & Edwards and my attorney Mrs. Walker.”

    - Sayed Hashimi
  • Amanda Edwards was superb in court and kept the proceedings within the rule of law.

    “The entire proceeding was explained in non-legalese which made it easy to understand. Without reservation, I highly recommend her and her firm for any legal action you may need.”

    - Darrell Radford
/

Results That Speak for Themselves

  • Accomplished Probate, Assisted Asset Liquidation Probate & Asset Liquidation

    Edwards & Edwards handled the probate and liquidation of real estate holdings on behalf of an incarcerated client.

  • Criminal Record Expunged & Custody Agreement Revised

    While retained for a custody matter, the client's criminal record was expunged, allowing for revisions to his custody agreement.

  • Accomplished Probate, Assisted Asset Liquidation Probate & Asset Liquidation

    An out-of-state client had a death in the family. Probate and liquidation of the estate were required.

  • Handled All Legal Matters for Family Divorce, Business Partnership Agreement, Probate, & Trust

    Handled various legal matters for one family, including divorce, revision of their business partnership agreement, probate, trusts, and title and closing of multiple residences and assets.

  • Stay of Foreclosure & Home Retained Foreclosure Defense and Bankruptcy

    The client was retained for foreclosure defense, but after initiating bankruptcy proceedings, foreclosure was stayed and the client was allowed to reorganize their finances and keep their home.

/
Don't Wait to Receive the Help You need We're Prepared to Help You with All of Your Legal Needs

Don't know where to start when facing a legal matter? Our experienced team of lawyers led by the Edwards sisters is here to assist you. Schedule a consultation with us to discuss your case.

Contact Us Today!