Will, Trust, Estate and Probate Administration and Litigation | Trusts (Revocable, Irrevocable, Living, etc.)

Trusts (Revocable, Irrevocable, Living, etc.)

A trust can provide many potential advantages, including the avoidance of potentially expensive and time consuming probate administration. The primary trust types include the living trust, the revocable trust and the irrevocable trust. A trust is typically part of a comprehensive estate plan and is tailored to meet each client’s individual need.

Living Trusts – Urban & Thier, P.A. has experience in administering living trusts. Living trusts have many advantages to the individual. Besides avoiding probate, a living trust may eliminate gift taxes. A living trust may be considered separate property, in which event; it may not be subject to equitable distribution in the event of separation. Similar to a will, a living trust specifies what will happen to your estate after your death. Urban & Thier, P.A. can assist you by drafting a living trust to meet your specific needs and wishes.

Revocable Trusts – The firm can provide consultation on drafting and administering a revocable trust. A revocable trust is a trust that may be revoked or amended during the grantor’s lifetime. After the grantor’s death the property is passed on to the beneficiary or beneficiaries. Once this occurs the revocable trust becomes irrevocable.

Irrevocable Trusts – An irrevocable trust is a trust which can not be modified without the consent of the beneficiary. This is because the grantor irrevocably transfers his rights to the trust for the benefit of the beneficiary or beneficiaries, who may include the grantor of the trust. Urban & Thier, P.A. assists clients with drafting irrevocable trusts according to their wishes. Given the nature of this type of trust, consultation of an attorney is critical in order to properly meet the legal requirements of an irrevocable trust.

Often trusts are not drafted properly and can cause clients to seek consultation from an attorney to determine if the trust is valid. A trust can be improperly drafted, poorly administered or may fail for other avoidable reasons. Urban & Thier, P.A. can help clients understand the trust and determine if the trust may be found invalid by the courts.

More detailed descriptions of our attorneys' experience and practice areas can be found under the individual attorney profiles and are available upon request. You can contact Urban & Thier P.A. to request further information at anytime by using our contact us form.