Hillsborough Florida Living Trust with Provisions for Disability

• Category: Trusts - Living Trusts
• State: Multi-State
• County: Hillsborough
• Control #: US-0651BG
• Format: Word; Rich Text

Description

A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust. Living Trusts with Provisions for Disability in Hillsborough, Florida A Hillsborough Florida Living Trust with Provisions for Disability is a legal document created to protect and manage assets during an individual's lifetime and ensure the provision of care in the event of disability. It is a popular estate planning tool that provides peace of mind to residents of Hillsborough County who wish to have control over their assets while planning for potential incapacity. There are several types of Living Trusts with Provisions for Disability available in Hillsborough, Florida: 1. Revocable Living Trust with Provisions for Disability: A revocable living trust allows individuals to maintain control of their assets during their lifetime. This type of trust can be amended or revoked as long as the individual is mentally competent. In the event of disability, a successor trustee named in the trust agreement takes over the management of assets, ensuring smooth transition and avoidance of court intervention. 2. Irrevocable Living Trust with Provisions for Disability: Unlike a revocable trust, an irrevocable living trust cannot be changed or revoked once it is established. This type of trust offers additional asset protection and may be a useful option for individuals concerned about potential long-term care costs. The trust would be overseen by a trustee in the event of the granter's disability. 3. Special Needs Trust with Provisions for Disability: A special needs trust (SET) is designed specifically for individuals with disabilities who may rely on government benefits like Medicaid or Supplemental Security Income (SSI). The SET allows them to receive financial support without jeopardizing their eligibility for these vital programs. This type of trust carefully outlines how the beneficiary's assets will be managed for their benefit and well-being. 4. Testamentary Trust with Provisions for Disability: A testamentary trust is created within a Last Will and Testament rather than being established during one's lifetime. In the case of disability, the trust provisions will only come into effect after the individual's passing. This type of trust ensures that loved ones with disabilities receive necessary care and support by appointing a trustee to oversee the distribution of assets. Hillsborough County residents should consult with an experienced estate planning attorney familiar with Florida laws and regulations to determine which type of Living Trust with Provisions for Disability best suits their individual needs. By having a properly structured trust in place, individuals gain control, protection, and peace of mind both during their lifetime and in case of disability.

Living Trusts with Provisions for Disability in Hillsborough, Florida A Hillsborough Florida Living Trust with Provisions for Disability is a legal document created to protect and manage assets during an individual's lifetime and ensure the provision of care in the event of disability. It is a popular estate planning tool that provides peace of mind to residents of Hillsborough County who wish to have control over their assets while planning for potential incapacity. There are several types of Living Trusts with Provisions for Disability available in Hillsborough, Florida: 1. Revocable Living Trust with Provisions for Disability: A revocable living trust allows individuals to maintain control of their assets during their lifetime. This type of trust can be amended or revoked as long as the individual is mentally competent. In the event of disability, a successor trustee named in the trust agreement takes over the management of assets, ensuring smooth transition and avoidance of court intervention. 2. Irrevocable Living Trust with Provisions for Disability: Unlike a revocable trust, an irrevocable living trust cannot be changed or revoked once it is established. This type of trust offers additional asset protection and may be a useful option for individuals concerned about potential long-term care costs. The trust would be overseen by a trustee in the event of the granter's disability. 3. Special Needs Trust with Provisions for Disability: A special needs trust (SET) is designed specifically for individuals with disabilities who may rely on government benefits like Medicaid or Supplemental Security Income (SSI). The SET allows them to receive financial support without jeopardizing their eligibility for these vital programs. This type of trust carefully outlines how the beneficiary's assets will be managed for their benefit and well-being. 4. Testamentary Trust with Provisions for Disability: A testamentary trust is created within a Last Will and Testament rather than being established during one's lifetime. In the case of disability, the trust provisions will only come into effect after the individual's passing. This type of trust ensures that loved ones with disabilities receive necessary care and support by appointing a trustee to oversee the distribution of assets. Hillsborough County residents should consult with an experienced estate planning attorney familiar with Florida laws and regulations to determine which type of Living Trust with Provisions for Disability best suits their individual needs. By having a properly structured trust in place, individuals gain control, protection, and peace of mind both during their lifetime and in case of disability.