Trusts

What Is a Trust?

A trust is a legal arrangement where one party (the trustee) holds and manages property or assets for the benefit of another (the beneficiary). The person who establishes the trust, known as the settlor or grantor, sets the terms. Trusts can be flexible, allowing you to dictate how and when assets are distributed.

Why Choose a Trust Over a Will?

While a will directs how property is distributed after death, it typically requires probate. A trust, on the other hand, can:

• Avoid probate, saving time, expense, and stress for your family.

• Protect privacy, since trusts are generally not public record.

• Provide control, allowing you to set conditions for distribution.

• Offer protection, shielding assets for children, loved ones with special needs, or beneficiaries who may need financial oversight.

• Plan for incapacity, ensuring a trustee can manage assets if you are unable.

Types of Trusts in Florida

There are many kinds of trusts, each serving a different purpose. Common options include:

• Revocable Living Trusts: Can be changed or revoked during your lifetime and become irrevocable upon death.

• Irrevocable Trusts: Cannot be easily altered, but offer benefits such as asset protection and tax advantages.

• Special Needs Trusts: Preserve eligibility for government benefits while providing supplemental financial support.

• Charitable Trusts: Allow you to support causes you care about while potentially reducing estate taxes.

• Testamentary Trusts: Created through your will and activated after death.

Do You Need a Trust?

Trusts are not just for the wealthy. Many families in Bradenton and Sarasota choose trusts to:

• Simplify the transfer of family homes or business interests.

• Protect minor children or young adults until they reach financial maturity.

• Provide for a blended family in a way that balances the needs of a current spouse and children from a prior marriage.

• Ensure long-term care planning is handled with dignity.

Common Questions About Trusts

1. Do I lose control of my assets if I create a trust?
Not necessarily. With a revocable living trust, you remain in control as both the trustee and beneficiary during your lifetime.

2. Will a trust save on taxes?
Some trusts provide tax benefits, though this depends on your unique situation.

3. Do I still need a will if I have a trust?
Yes. A “pour-over will” ensures any assets not already titled in your trust are properly transferred.

4. Can a trust be changed?
Revocable trusts can be amended or revoked during your lifetime. Irrevocable trusts generally cannot, though there are limited exceptions.

Why Work With McNary Law

At McNary Law, we know that creating a trust is about more than legal documents—it’s about peace of mind. Our firm is rooted in honesty, integrity, and compassionate problem-solving. We take the time to understand your goals, explain your options in plain language, and design a trust that reflects your values.

Whether you are just starting to plan or need to update an existing trust, our team is here to help. Many of our services can be handled remotely, giving you convenient access to trusted legal counsel wherever you are in Manatee or Sarasota County.

Take the Next Step

Your legacy deserves thoughtful protection. Contact McNary Law today to discuss how a trust can benefit you and your loved ones.