Trust Attorney Daytona Beach, FL

Jerry B. Wells is an experienced trust attorney representing the financial interest of clients in the Daytona Beach, FL, community for over four decades. Our practice handles various legal matters, including trust administration, trust litigation, revocable trusts, and irrevocable trusts. We serve clients throughout Volusia County, including Ormond Beach, Port Orange, and New Smyrna Beach, FL.

Revocable Trust Vs. Irrevocable Trust

Many people are often confused about the differences between revocable and irrevocable trusts. It is essential to understand the difference and how it may impact your finances and tax liability. A trust attorney can help you decide which trust is best for your family.

Revocable Trust:

A revocable trust, more commonly referred to as a living trust, is a legal entity that holds title to a person's assets allowing them to continue to use the assets during their lifetime. The owner (grantor) can move assets in and out of a living trust. The grantor can also revoke the trust at any time. Upon the grantor’s death, the assets in the living trust go to designated beneficiaries avoiding the time and expense of probate.

Irrevocable Trust:

Just as the name implies, an irrevocable trust cannot be revoked. Once assets are moved into an irrevocable trust, the grantor can no longer claim ownership. Therefore, assets held in an irrevocable trust are not considered part of the estate for legal and income tax purposes. Also, assets held in an irrevocable trust are protected from creditors. So, if you or your estate are sued, assets held in an irrevocable trust are off-limits.

Trust Administration

Whether you have an irrevocable or revocable trust, you will need to designate a trustee that will carry out the fiduciary duties and responsibilities for managing the trust. Failure to do so can have substantial legal and financial consequences. That’s why we recommend you consult with a trusted trust attorney like Jerry B. Wells, PL, who has extensive experience in trust administration and litigation.

Visit our website or contact us at 386-253-3676 to speak with an experienced Trust Attorney serving clients in the Daytona Beach, FL area.