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A properly written and funded Revocable Living Trust can save the agony of a long drawn out court probate  action as well as eliminate probate fees and related costs. Another important attribute of a well drafted Revocable Living Trust, is it can save your heirs a vast amount of valuable time.     

Generally, when you create a Revocable Living Trust, you are the "trustee" of all assets until death.  When you die, all the Successor Trustee must do is show a certified death certificate to assume your role with banks, other assets and other like matters.  A Successor Trustee is a person you trust and elect to handle your affairs.  Typically, not always,  a successor is named, and then a second and third choice if the first named successors, for any reason, should do not want the role.

   

 

 

If a person dies with just a will or intestate even, (no will at all) a huge amount of time is typically spent securing lawyers for the probate and court process.  Newspaper ads must generally be ran in the newspaper informing potential creditors [such as the hospital] there is an "estate" at the court house and claims begin.  Worse, each heir may have to secure their own attorney to protect any interest they may have, and so there is no conflict with the attorney assigned to the court case.  This is when probate can become a very long, expensive and protracted event.

This information should be enough to explain the power and benefits of a Revocable Living Trust versus a will or no will at all. 

Funding The Revocable Living Trust

Those knowledgeable who already have a Living Trust, most the "do-it-yourself types," often forget to do the most important thing and this can make the whole Living Trust effort worthless. That is, some trust creators fail to make sure all assets are taken out of the Trustees personal name and title of any given asset and make sure it is changed to the "name of the Trust" with them now as Trustee of the Trust. 

Meaning once a person has a properly drafted and executed Revocable Living Trust, any assets such as home, cars, stock brokerage accounts and so on, need to have ownership title changes  making the owner of the account the title of the person's Trust.  Often they will need to simply provide a copy of their trust to the agency in which they request a change of name ownership-such as a bank who holds a checking account as one example. And when documents are properly funded signed, and transactions made after that, the instruments should be signed name, Trustee, to keep the intent of Trust and show no departure from the formality of the created trust.

Homestead Exemption

Any trust we prepare does have the Florida Homestead exemption properly spelled out, so when a real estate title is transferred into the Trust, the Trustee can still enjoy his/her homestead status and typically related real estate homestead tax savings.

 

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.