What is a Florida Living Trust?
A Living Trust is a legal document that allows you to transfer ownership of your assets to a trust during your lifetime. In Florida, this type of trust is known as a Revocable Living Trust because you can make changes to it or revoke it entirely while you are still alive
What is the Purpose of a Living Trust?
The purpose of a Living Trust is to give you more control over how your assets are distributed after you pass away, while also helping you avoid or minimize Probate by allowing your assets to pass directly to your beneficiaries or heirs outside of probate court.
How Do I Establish a Living Trust?
1. Create a Trust Document: You must create a written trust document that outlines your wishes for how your assets should be managed and distributed.
2. Transfer Ownership of Assets: You must transfer ownership of your assets to the trust by re-titling them in the name of the trust. This can include real estate, bank accounts, and other valuable assets.
3. Name a Trustee: You must name a trustee who will be responsible for managing the trust assets according to your wishes. This can be yourself or someone else who you trust to serve in this role.
4. Update Estate Planning Documents: It is important that you update your estate planning documents, such as your will or durable power of attorney, to ensure that they are consistent with your living trust.
What are the Benefits of a Living Trust?
1. Avoiding probate: Assets held in a living trust can pass to beneficiaries outside of Probate, which can save time and money.
2. Privacy: Unlike Probate, which is a public process, a living trust allows for a more private transfer of assets.
3. Control: You can maintain control over how your assets are managed and distributed after you pass away.
4. Flexibility: A Living Trust can be amended or revoked at any time, giving you the flexibility to make changes as needed.
What if I Need More Information About a Florida Living Trust?
If you are interested in a speaking with a Florida Living Trust Attorney, kindly call our office anytime (24/7) at 813-897-0295, and schedule your consultation to speak with a local Estate Planning Attorney.
