The best way to protect your assets, avoid probate, and plan for your future is to create a revocable living trust, which is a legal document that allows you to transfer your property to a trust during your lifetime and then distribute it to your beneficiaries after your death.
Below, we will explain how it works and how you can create one.
How Revocable Living Trusts Work
A revocable living trust is a type of trust that you can create and change at any time during your lifetime, as long as you are mentally competent. You can also revoke or cancel the trust completely if you simply change your mind.
The person who creates the trust is called the grantor or settlor, and the person who manages the trust assets is called the trustee. You can be your own trustee, or you can appoint someone else, such as a family member, friend, or professional. The people who will receive the trust assets after your death are called the beneficiaries.
The main advantage of a revocable living trust is that it allows you to avoid probate – which can be costly and time-consuming – and have your assets distributed directly to your beneficiaries without court involvement.
A revocable living trust can also help you plan for incapacity. If you become unable to manage your own affairs, your trustee can do it for you without the need for a court-appointed guardian. This can protect your privacy as well as prevent potential conflicts among your family members.
How to Create a Revocable Living Trust
To create a revocable living trust in Florida, you need to draft a trust agreement that specifies the terms and conditions of the trust, such as:
- Who is the trustee,
- Who are the beneficiaries,
- How the trust assets will be managed and distributed, and
- What will happen if you become incapacitated or die.
You need to sign the trust agreement in front of a notary public and two witnesses.
The next step is to fund the trust by transferring your assets to the name of the trust. You can do this by changing the title or ownership of your bank accounts, real estate, investments, and other property to the name of the trust.
You can also name the trust as the beneficiary of your life insurance policies, retirement accounts, and other assets that have beneficiary designations.
Once you have created and funded your trust, you have complete control over it. You can access and use your trust assets as you wish. You can also amend or revoke the trust at any time.
When you die, your trustee will distribute your trust assets to your beneficiaries according to the instructions in the trust agreement. This process is usually faster and simpler than probate because there is no court supervision or intervention.
Jurado & Associates, P.A. Can Help You Create a Revocable Living Trust
Creating a revocable living trust in Florida may seem complicated, and it is. However, it does not have to be. With the help of an experienced estate planning attorney from Jurado & Associates, P.A., you can create a customized revocable living trust that meets your needs and goals.
At Jurado & Associates, P.A., we have helped many clients create revocable living trusts that protect their assets, avoid probate, and plan for their future.
We will guide you through every step of the process, from drafting the trust agreement to funding the trust with your assets. We will also answer any questions you may have along the way and make sure that your revocable living trust complies with Florida law.
If you are interested in creating a revocable living trust in Florida, contact us today to schedule an initial consultation. You can reach us by phone at (305) 921-0976, by email at [email protected], or by WhatsApp at +1 (305) 921-0976.
We look forward to hearing from you and helping you create a revocable living trust in Florida that gives you peace of mind.