St. Petersburg Revocable Living Trust Attorney
A living trust, also known as an inter-vivo trust or revocable trust, is a popular estate planning tool used by many people in Florida. A revocable living trust has many benefits for both you and your beneficiaries, but there are some drawbacks to consider, as well. Below, our St. Petersburg revocable living trusts attorney explains the most important factors to consider.
What is a Revocable Living Trust?
Revocable trusts, also known as just living trusts or revocable living trusts, are documents people create to manage property during their lifetime and to distribute the property after they pass away.
The person who creates the trust is referred to as the settlor or the grantor. Grantors are usually the ones who manage the property placed into a trust, which means they are also usually the trustee of the trust. When creating a revocable living trust, it is also important to name a successor trustee, who can take over management of the trust after the grantor passes away or no longer has the mental capacity to manage the trust.
When creating a revocable living trust, you must also fund it. This means you must place property into the trust. After this step, the trustee can access the assets and manage them as though the property was still in their name. They can buy and sell property, withdraw money, and also draw from brokerage accounts in the name of the trust.
Living trusts are revocable, which means they can be changed or revoked at any time during the grantor’s life. This differs from irrevocable trusts, which cannot be revoked or altered after they are created.
Benefits of Revocable Living Trusts
Revocable living trusts have many benefits. The biggest ones are as follows:
- Flexible: Once you have created a living trust, you can make changes to it at any time. If in the future you decide you want to add beneficiaries or change your successor trustee, you can do so relatively easily.
- Immediate inheritance to beneficiaries: When a living trust is properly executed, a revocable trust can expedite the process of your beneficiaries receiving the assets you have left for them. This is particularly true when there are only one or two beneficiaries because the grantor can name them as the successor trustees. This eliminates the need for court intervention and can allow heirs to receive their inheritance sooner.
- Confidentiality: Your will is filed with the court and therefore, it becomes a matter of public record. Trusts are not submitted to the court and so, the details of what is contained in them is kept confidential. This is especially beneficial for people with large estates that want to keep their affairs private.
Our Revocable Living Trusts Attorney in St. Petersburg Can Help with Your Estate Planning
David Toback is a St. Petersburg revocable living trusts attorney who can help you create the estate planning tools you need to protect you and your family. Call us now at 813-252-7529 or chat with us online to book a consultation.
