Some Information About Living Trusts

A poorly written living trust is worse than no trust at all

After you have read the facts presented on this page contact me.

One of the most widely held misunderstandings about Revocable Living Trusts arises from statements that they are of value to only the very wealthy. That is a blatant misrepresentation. It is true that a properly structured trust may eliminate or substantially reduce federal estate taxes for individuals worth more than $12,060,000. The main reason to get a Revocable Living Trust is to avoid PROBATE, often an expensive, time-consuming, and agonizing process that currently costs Americans over $25 BILLION a year.

What does probate really cost? Typically, probate fees are 4%-10% of your gross estate (the entire estate including liabilities). It is typical for estates to total $200k, 400k, 600k, and considerably more, especially if there is real-estate involved. Based on typical total probate fees of 4%-10%, probate costs amount to $8-$20k, $16k-$40k, $24k-$60k, and considerably more, respectively. The cost of a properly prepared Revocable Living Trust pales in comparison to such costs and simply makes good financial sense. The RLT circumvents probate’s headaches, paperwork, delays, and publicity. There are also additional important features of a properly designed Revocable Living Trust.

I never cease to be amazed whenever intelligent people express their belief that the making of a Will (Last Will and Testament), or having been designated as an heir in someone’s written Will, means that the estate of the deceased won’t require probate. The truth is precisely the opposite. Probate is a legal process referred to by our lawyer friends as “proving the Will” to the satisfaction of a court. It is required if the pertinent assets (left with or without a Will) exceed a relatively low dollar amount ($75,000 for example, in Florida).

Does it make sense to work and save and plan and to then use a Will (Last Will and Testament) that requires one’s heirs and, particularly, one’s appointed Executor (Personal Representative), to go through the agonizing probate process and have a sizeable chunk of your family’s assets siphoned off in the process?

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A living trust is a legal entity that can hold title to assets, manage assets, and distribute assets. It is created during one’s lifetime and does not terminate at the death of the grantor.

You can create it for yourself or for your family, and you can have more than one trust. It doesn’t matter what you call it—a living trust, a revocable trust, or a family trust—it is still just a living trust.

The difference between each type of living trust is in how it is funded.

  • If you create the revocable living trusts that you funded yourself, you are the trustee, who manages the property inside the trust.
  • If you create an irrevocable living trust that you funded yourself, then someone else (not you) will be the trustee who manages the property inside the trust.

Types of Living Trusts

There are two main types of trusts: revocable and irrevocable. Revocable trusts can be changed or revoked at any time during your life, whereas irrevocable trusts cannot be changed once they have been signed.

Typically, with a revocable trust, you will remain the trustee of the assets in your living trust until your death. Then, at that point, a successor trustee will take over to distribute the assets in accordance with your wishes.

A revocable living trust in Florida can be changed, modified, or terminated at any time by the grantor. An irrevocable living trust cannot be changed, modified, or terminated after it is signed. An irrevocable trust is permanent and cannot be undone by the grantor once signed. Once you sign an irrevocable trust, all assets that you transfer into the trust are no longer yours.

Finding Cost of a Revocable Living Trust in Florida? At Replace Probate, we’re proud to offer reasonable both Florida revocable living trust and irrevocable trusts cost for you.


Benefits of a Living Trust

A living trust also helps you manage your assets while you are alive, but no longer able to do so. Creating a living trust is an important part of estate planning and can help your loved ones avoid the probate process.

Some benefits of having a living trust include:

  • Avoiding the probate process (long and costly)
  • The ability to avoid court involvement in case of incapacity
  • The ability to keep your affairs private (unlike wills)
  • Giving you control over how and when your assets are distributed

Living trusts have additional benefits that make them attractive propositions for many grantors:

When a grantor creates a living trust, he can continue to control and use his assets while he is alive and well. When he becomes incapacitated by illness or injury and cannot manage his affairs, another individual-called a successor trustee-can take over management

Your Living Trust in Florida

In the state of Florida, a living trust is an agreement between “grantor” and “trustee” that is used to transfer property from one person to another. The grantor of the trust is the person who creates it (also known as the “settlor”). The trustee is the person who manages the trust, which can be either a person or a corporation (like a bank). The trust can be either revocable or irrevocable. In a revocable trust Florida, it is possible for the grantor to remove assets or even dissolve the entire trust at any time. Irrevocable trusts, on the other hand, cannot be dissolved or amended by the grantor once they have been completed.

If you’re looking for a Florida living trust lawyer who can help you create your own trust. We are here to help!

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