A Florida revocable living trust is a trust created and operated during the grantor’s (person creating the trust) lifetime. By naming yourself as both the grantor and trustee, you can keep full control over all of the property and assets held in the trust during your lifetime. Most people who create living trusts choose this option.
What can I put in the trust?
Any property that is of value to you, including real estate, expensive jewelry, stocks and bonds, small business interests (such as company shares), intellectual property rights, and anything else that is of value.
Do I need a revocable living trust?
Only if you have assets of value that you want to protect. The greater the value of your assets, the greater your need for a living trust.
So what is the benefit?
The biggest advantage of a living trust is to minimize the likelihood that your beneficiaries will have to go through the painful probate process. Once the grantor dies, the trust becomes irrevocable and all of the assets in the trust go to the named beneficiaries.
If you are considering a Florida revocable living trust or have questions about other estate planning tools, contact Boyer Law Firm today. We can help with everything from drafting simple wills, to trusts, to assisting you through the probate process, if need be.