Living Trusts
Trusts can achieve many purposes, but are either revocable or irrevocable. One of the most commonly used types of trusts is the Revocable Living Trust. It can be a very flexible document, which can accomplish all of the things your Will can accomplish for those assets belonging to the Trust. In addition, as long as your Trust provides for ultimate beneficiaries other than yourself, your creditors, your estate, or the creditors of your estate, probate will not be necessary for those assets owned by the trust. The lawyers at Adams & James, P.L. are happy to explain the details of a trust to you at your convenience.
Probate can delay the disposition of your assets and create an expense, especially if you have real property in more than one state. A Revocable Living Trust can own all of your real property, no matter which state it is located. When you die, your Revocable Living Trust does not die, and your Trustee will follow the terms you set out in your trust document as to the disposition of your assets, generally without interference from the Court. Better yet, unlike a Will, your Trust can benefit you during your lifetime. It can provide for your care by your own terms as set forth in the trust if you become incapacitated.
Additionally, if you have a Trust, and you become unable to take care of your own finances, the court is less likely to order a full blown and expensive guardianship for you. You are able to indicate through your trust what your directives are regarding distributions from your trust for your care, housing, etc., so the Court will often not impose a more restrictive guardianship. Unlike the Executor or Personal Representative of your probate estate (your assets that are not in your trust and that are owned by you as an individual), your Trustee does not have to live in Florida, even if not a relative. If privacy is a concern, the terms of your trust and the asset inventory of your trust estate are not likely to become public record when you die.
Contact us to schedule a free initial consultation at our office in Winter Park, Florida.
