A smooth transfer of estate or any assets properties in Florida can be easily achieved with a living trust document. A living trust is an estate document that allows you protect your asset, finances from loss. Through the document, you can easily transfer a part of your estate to a named beneficiary with probate. While this is just the surface use of the trust document, the living trust allow you plan for unforeseen occurrences and even what happens to your estate when you are no longer available. Should you become incapable or disabled and unable to manage your estate, medical and financial affairs, you can easily name a trustee. The successor trustee named would look after your estate; ensure that your desires are duly implemented. The living trust documents ensures that your estate plans are kept out from court supervised guardianship and long probate processes.
Important: there are several types of living trust, although, they are all either revocable or irrevocable. The difference between these trusts is the terms of the trust, whether they can be changed, undone or not, and who gets to manage the trust. Furthermore, as with most estate plan document, the living trust is created to be implemented while you are living.
Who should be the trustee in a living trust?
A trustee handles the implementation of your living trust. The named trustee would hold up assets till when the trust documents allows it to be pass to the beneficiaries. The difference between irrevocable and revocable trust is further experienced in the trustee named to manage the trust. For instance, when a couple decides to create a revocable trust, they could be stand for and name each other trustee, however, if an individual names himself as the trustee in the irrevocable trust, the purpose for which the trust is created would not be thoroughly implemented.
While some people use trust attorney and corporate trustee, other result to naming members of their family as a trustee. This could be a wrong move, as lot of problems can arise to this effect. It is expected that when naming a trustee, a professional capable of handling the complicated situation of estate plan and its implementation be selected. Contact a trust attorney lawyer near you for help.
Why you should consider a Florida Living trust.
- Protection for your children or assets beneficiaries.
Estate plan would protect your family and loved ones from loss of any kind. Through the living trust, you can appoint a guardian for minor children. Also, your assets beneficiary would not need to go through the stress of probate before getting the assets that are rightfully theirs.
- Reduction of taxes on estate.
Proper estate plans would reduce excessive estate taxes. When an asset is transferred to a beneficiary, federal and state taxes and other types of inheritance taxes is reduced. Also, married couples can create a trust account or have their assets in a joint trust to reduce taxes.
Avoiding probate issues.
A proper estate plan with the use of a living trust would not need to go through probate before implementation. These documents such as living trust would eliminate the long probate process when transferring assets to desired beneficiaries.
Questions to ask a trust attorney
- Would you need a living trust or powers of attorney? What are the pros and cons of each?
- Would the lawyer execute the trust, etc. or would they only prepare the estate plan?
- Will the lawyer have you review every document drafted before establishing them? Keeping in touch would help you avoid misunderstandings and maintain clarity and consistency.
- When would they be available in case you have any pressing question or issue to discuss?
- Do they include disability and tax planning in their estate planning strategy?
- Would they help in reviewing and updating your estate plan particularly your living trust periodically?
Estate plans can be made to reflect and implement your mid, short and long term plans. However, you can speak with an estate lawyer to know suitable documents that would reflect these plans.
Since estate plans are made in preparation for any uncertain life occurrences, you need the right lawyers to ensure your desires and plans are duly implemented.
The living trust is an essential estate document. While other estate document such as last will may go through probate before it can be implemented, the living trust allows transfer of assets without any probate process.