TRUSTS AND WILLS

Lawyers preparing Wills and Trust instruments at the request of their clients, under the current facts and circumstances, are guided by the tax laws at the time. Because the tax laws change over time, and the courts' interpretation of tax laws as applied to certain cases continuously evolve, your lawyer must draft a Trust or Will that will function properly under changes. Mark Rutecki & Associates offers legal representation in the creation of Trusts and Wills which will satisfy the foregoing crucial requirements.
The most recognized purpose for placing your assets in a Trust is the benefit of avoiding the often substantial expenses of probate of a Will. A Will must be submitted to a court for review and administration which requires the estate to hire a lawyer and results in various court costs. Additionally, however, and not so widely known, is the invaluable benefit that a Trust offers by protecting your assets from potential lawsuits. Legal fees associated with the preparation of a Trust are more expensive than those associated with drafting a Will. However, simply preparing a Will directing how you choose how to have your assets distributed after death, does not prevent any loss of your assets during your life, and thereby does not insure that your assets will be available for your heirs.
Trusts have common characteristics: a Trust contains property; the legal and equitable title of the property are divided; the person or entity with legal title is the Trustee; the person or entity with equitable title is the Beneficiary; the creator of the Trust who places assets into the Trust (our client) is the Settlor. Under Florida law, the Settlor may be the Trustee thereby retaining control over the assets during the Settlor's life. The Settlor may even be a beneficiary during the Settlor's life and receive income generated from the Trust.
Similar to a Will, a Trust will name beneficiaries of all the assets placed into Trust which will be distributed to the beneficiary upon the death of the Settlor. A further advantage of the Trust, however, is the control of the assets which the Settlor can maintain even after death. The Settlor of a Trust can provide that his beneficiaries only receive the interest income generated from the assets until the beneficiaries reach a certain age. A parent can therefore ensure that his children do not receive control until the children have reached an age of maturity and responsibility according to the discretion of the parent.
Often our client will desire changes or modifications to a Trust or Will depending upon changing personal circumstances. Mark Rutecki & Associates' representation includes all aspects of preparation of a Trust or Will including continued consultation during the life of our client.

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Please contact Orlando office at (407)-566-9503
e-mail: Mark Rutecki & Associates