Revocable trusts, also called living trusts because they are created and managed by you during your lifetime, are established to deposit and dispense of assets, and leave specific instructions for your beneficiaries. You control what happens to the assets in a revocable trust until a successor trustee is named to manage the distribution after you become incapacitated or die, but your distribution wishes will be honored.
Speaking with a well-practiced trusts attorney is the best way to understand your options when estate planning. To learn if trusts are right for your estate plan, contact a Coral Gables revocable trusts lawyer now.
Revocable trusts are beneficial in many ways, including to circumvent the more expensive probate process and to protect privacy. Trust distributions are timelier than probate distributions, as long as the assets are titled in the trust name, and they are not made publicly available.
Whether Floridians draft wills or die intestate (without a will), their estates are subject to probate, which is the determination of how assets will be distributed to heirs or named beneficiaries after a person dies. Probate is expensive and requires interested persons to attend several court hearings. The process can take up to nine months on average in Florida, but depending on supporting documents, it can take much longer. When assets are transferred to a revocable trust, distribution to beneficiaries is much quicker.
Probate in Florida can be long and expensive. Anyone can access records because the probate process is public, so if assets are subject to a will, neighbors and others will know what assets someone owned and what they intended to do with them.
Revocable trusts allow the grantor to control assets, but when the grantor becomes incapacitated, the successor trustee ensures the grantor’s wishes are known and followed, which is prescribed by Florida law.
Veliz & Associates, P.A. is dedicated to the community and wants to protect a grantor’s ability to control and determine the trajectory of their assets. Talk to a Coral Gables attorney to discuss the benefits of setting up a revocable trust.
There are many ways to avoid probate and estate taxes, including titling real property in joint tenancy, naming beneficiaries to retirement and bank accounts as paid on death, and gifting certain amounts to named beneficiaries each year. The revocable trust is another tool that includes specific assets such as:
A seasoned attorney in Coral Gables could help determine whether assets should be deposited in revocable trusts or if other estate planning tools are more suitable. Some assets can lead to tax obligations, such as retirement accounts, but a dedicated lawyer can assess all aspects of a revocable trust to ensure it is the right choice.
Setting up a revocable trust will allow you to circumvent probate and keep other parties from learning about your assets and what you are leaving to loved ones. If you have accumulated significant wealth, estate planning tools can greatly benefit you.
The estate planning process can be utilized by anybody. If you begin early, the wealth you accumulate can be preserved for the beneficiaries you choose right from the start. Contact us today to learn how a Coral Gables revocable trusts lawyer could preserve your rights to bequeath your hard-won wealth to your loved ones.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
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