Set Up a Revocable Living Trust in Florida
A revocable living trust is a popular estate planning tool normally established with the assistance of a probate attorney in Central Florida to protect the assets of an individual, called the grantor, and to ensure those assets are handled as directed if incapacitated; and distributed to designated beneficiaries immediately upon the grantor’s death without having to go through probate.
A living trust is often used in conjunction with a will, but unlike a will, the trust cannot be challenged as long as it is established and administered according to Florida law. For this reason, individuals in Central Florida should consult with an experienced probate attorney like Jerry B. Well, P.L. to understand the legal and administrative requirements. Revocable living trusts are legal entities that can be updated or revoked by the grantor at any time.
If you were to be incapacitated, who will manage your assets? How can you be sure that your wishes will be carried out? One of the benefits of a revocable living trust is that this is all spelled out in the trust document. A successor beneficiary that you named in the trust, with the assistance of your probate lawyer in Central Florida will manage the trust ensuring your wishes are carried out.
Since assets placed in a revocable living trust are owned by the trust and not the grantor, assets automatically transfer to the designated beneficiaries upon the death of the grantor without going through probate which can be a time consuming and expensive process. The grantor can transfer ownership of any asset into a revocable living trust including bank accounts, real estate, automobiles, jewelry and art work, for example. Although the assets will be owned by the trust, the grantor has full access to use and enjoy the assets. The grantor can also transfer assets in and out of the trust at any time.
If you are looking for estate planning advice in Central Florida contact us at (386) 253-3676 or visit us online to schedule an appointment with an experienced probate attorney to learn if you can benefit from a revocable living trust today!