Living Trust Attorney in Miami

When it comes to estate planning, a highly recommended tool that many individuals find useful is creating a living trust. At Correa & Martinez Trial Lawyers in Miami, we understand the significance of protecting assets while ensuring a smooth transfer of wealth for loved ones. Our knowledgeable attorneys can assist in crafting an individualized living trust tailored to meet your needs and goals.

What is a living trust (revocable trust)?

A living trust (also referred to as a revocable trust) is a legal document that allows you to transfer assets into a trust during your lifetime; this is unlike a will, which only becomes effective once someone dies. A living trust becomes active while still living and can be modified or canceled at any time.

How does a living trust differ from other trusts?

A living trust is a legal document you create while you are alive to manage your assets. It is called a "living" trust because it becomes active while you are still alive. With a living trust, you can transfer your belongings, like money or property, into the trust. This has several benefits that include:

Avoiding probate: It can help you avoid a legal process called probate, which can be time-consuming and expensive.
Privacy: Living trusts can help keep your financial affairs private.
Planning for incapacity: Living trusts allow you to plan for situations where you may become unable to manage your assets yourself.
Control: They can give you more control and flexibility over how your assets are managed and distributed.
Tax burden: Having a living trust can reduce the taxes your estate has to pay after you pass away.

Living trusts help you control your assets

An example of maintaining control by using a living trust includes:

If you own a rental property that generates a significant income for you, a living trust may be appropriate. With a living trust, you can create specific instructions on how that property should be managed and who should benefit from the rental income.

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What is a trust? How does it differ from a living trust?

Trusts are legal arrangements through which one or more entities (the trustee) manage assets on behalf of other individuals (the beneficiaries). Trusts can be created for various reasons, such as estate planning, asset protection, charitable giving, or managing assets for minors or people with special needs.

A living trust differs from traditional trusts in two essential aspects: timing and revocability. While living trusts must be established during one's lifetime, trusts may be set up at any point (including postmortem). A living trust may be modified or terminated by its creator (grantor), while other types may have specific rules about modification and termination.

Is living trust the right tool for me?

Understanding whether a living trust suits your estate planning needs requires careful deliberation. At Correa & Martinez Trial Lawyers, our knowledgeable attorneys can assess your unique circumstances and assist in making an informed decision. We will detail its advantages and potential ramifications, helping you determine whether it aligns with your goals.

Why should you work with us?

Correa & Martinez Trial Lawyers takes great pride in offering exceptional estate planning services. Our firm boasts extensive expertise in estate planning and probate law. Our attorneys understand the nuances involved with setting up living trusts, with an impressive track record of successfully leading clients through this process.

At Correa & Martinez Trial Lawyers, we take great pride in developing strong relationships with our clients. When you come to us for legal representation, expect personalized care as we take time to understand your circumstances and adapt our services to suit them. We prioritize open and transparent communications to address any queries or concerns you might have quickly and thoroughly.

Plan for your future and the future of your family

Commitment to Your Best Interests At our core lies our dedication to your best interests - helping you realize your estate planning goals while safeguarding assets for the people you love.