On behalf of Law Offices of Frye, Fortich & Garcia, P.L. | July 26, 2021 | Trusts
A Last Will and Testament is your written instruction as to how your assets will be distributed after you pass away, but a court must give it legal effect through an often costly and time-consuming probate process. One of the most popular reasons people select a Revocable Living Trust in Florida instead of a Last Will and Testament is because a living trust allows your family to avoid the long, stressful, and expensive probate court process after you pass away. A Revocable Living Trust in Florida has numerous benefits beyond probate avoidance that we will talk about in detail in this article. With a living trust you can:
- Pass your money, property, and assets efficiently to your family after you pass away
- Avoid the long, stressful, and expensive Florida probate court process
- Protect and manage your assets if you become incapacitated without having to go to Florida guardianship court
- Keep control of your finances after you die
- Manage assets for beneficiaries that are unable to manage such assets for themselves because of age or disability
- Ensure the contents of your trust and the transfer of your assets remain private
- Name someone you trust to distribute your assets according to your wishes after you pass away
- Change or revoke the estate planning document at any point while you are still alive
Who Needs A Revocable Living Trust In Florida?
A Revocable Living Trust in Florida is one of the most popular estate planning documents people create because of the combination of flexibility and protection it provides. If any of the following apply to you, you should consider a Revocable Living Trust:
- Have money in bank accounts, investment portfolios, or retirement plans
- Own real estate
- Have children or grandchildren
- Have beneficiaries that are minors or have a disability
- Married, but haven’t created an estate plan or modified a pre-existing estate plan since your wedding
- Divorced, but haven’t created an estate plan or modified a pre-existing estate plan since your divorce
- Own a business
- Have precious family heirlooms
A typical living trust created for estate planning is revocable in full or in part. The trust maker can amend any part of the trust while the trust maker is alive and mentally competent. When the trust maker dies, the living trust becomes irrevocable, and the trust beneficiaries and successor trustees may not alter any of the trust provisions.
A trust agreement is not recorded in the public records and is not filed with any government agency. Instead, a living trust is a private document among the parties.
A trust agreement is not recorded in the public records and is not filed with any government agency. Instead, a living trust is a private document among the parties.
A Revocable Living Trust in Florida is one of the best ways to pass your money, property, and assets to your family after you pass away. Often a Revocable Living Trust is the cornerstone of an estate plan. If you have any questions about how a living trust can benefit you or any other estate planning issue please contact us at 305-931-3200.
