One of the elements that makes a trust agreement vital is its ability to help you avoid guardianship proceedings. When the time comes that you suffer from an accident, become ill, or become incapable of making decisions for yourself, the Florida court is responsible for designating a guardian for you. This guardian will be the one in charge of all your assets, affairs, legal and personal decisions.
However, with a trust agreement, you do not need to undergo such procedures because you do not need a guardian when you have a trustee to do its job. By having trust, your assets would be under the care of your trustee. It only means that the person you chose to be your successor is also managing said assets according to the agreement’s provisions. This way is more secure, less of a hassle, and a lot easier than a guardianship.
The Trust Gives You A Way to Avoid Probate Court
The trust agreement is a way for you to skip the lengthy and time-consuming processes under the probate court. Florida probate happens when you pass away, and there is no one named as your beneficiary.
You can avoid this process with a living trust by having the assets under the name of the revocable trust and your name. Without trust, it is not easy to manage things in the probate court. However, there are cases where such investments are not under the agreement at the time of the grantor’s passing. In this case, undergoing probate would be necessary.
The Trust Grants You Control of Your Assets
In cases where your estate goes into probate proceedings, your assets will not be accessible, meaning that the assets are frozen. Your beneficiaries have no way to manage nor handle it. This freeze could last for months and could possibly interrupt the smooth flow of your business, investments, and other transactions.
This is another reason why a trust agreement is crucial. With it, assets under the agreement are also controllable and manageable by your trustees. They become accessible without going through probate trouble, especially when you are incapable of handling said assets. It is also a way to make sure that the businesses and investments run uninterrupted.
Trust Helps You Have Your Privacy
One of the things a person values is privacy, even after death. This is why the trust agreement specifically helps you maintain your privacy. Unlike wills and testaments read in open court, a trust agreement cannot be under the eyes of a third party. This agreement keeps you and your beneficiaries clandestine and even the amount of inheritance because there is no need for publishing.
Overall, you now know why a trust agreement is a necessity. Hence, you might be wondering whether to have one or not. Talking to a lawyer will help remind you of its importance and benefits. Here in Miami, our law firm, Jurado & Farshchian, P.L., is more than willing to assist you in any way you need. Get in touch with Attorney Romy B. Jurado at (305) 921-0976 or email us at [email protected].