One of the chief concerns of any estate plan is to protect as many assets as possible from probate and unexpected circumstances. Here are five main reasons to consider using a Florida Living Trust.
A Florida Living Trust is Flexible
Superficially, a Florida Living Trust seems like a Will: both documents set forth the assets that comprise an estate, who will receive those assets, and who will be responsible for carrying out these wishes. However, a living trust (also known as a revocable trust) provides the additional benefit of avoiding probate, which can be an expensive and time consuming process for your heirs to undertake. Living trusts give you full control over the trust assets for the duration of your life: for as long as you live, you can amend the trust however you want, be it adding or removing assets, changing your trustee, or even terminating the trust entirely. A Florida Living Trust thus allows you to alter your plans in accordance with any changing events or circumstances.
A Florida Living Trust Protects Assets on Your Terms
A living trust is effective at reducing taxes and transferring wealth more efficiently. For example, you can have a provision that limits how much money is released at a time or restricts the funds to be used only for educational purposes.
A Florida Living Trust is Private
A Last Will and Testament must always be filed with the court and recorded in the public records. A Florida Living Will, however, can remain as private as you want it to be, thereby protecting the assets and beneficiaries of your estate from public scrutiny.
A Florida Living Trust Allows for Contingencies
Alot can happen after you set up your estate plan, and the Florida Living Trust allows you to prepare accordingly. For example, you can put in place protocols that will allow a successor trustee to take your place in managing the trust in the event a sudden accident or medical problem leaves you incapacitated. You can even establish clear parameters as to what constitutes incapacity and how the successor should operate.
A Florida Living Trust Avoids Probate
Perhaps the greatest appeal of a living trust is its ability to shelter assets from probate, the court-directed administration of an estate. Real property held in the trust and titled in the name of the trust will circumvent probate completely, allowing your beneficiaries to receive their assets without the time and expense of probate. Even properties owned in other states can be protected from their respective probate systems through a transfer to a living trust.
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