Estate planning tools offer unique and useful benefits. Wills provide a way to distribute a person’s estate after their death. Trusts, including revocable living trusts, provide another way for individuals to accomplish their estate planning goals. Before deciding to establish a revocable living trust, consider why you might want to use a revocable living trust.
Unlike a Last Will and Testament, a revocable living trust addresses the settlor’s potential incapacity.
For example, Jonah prepared and executed a Will many years ago. When he dies, his family and executor will know how he wanted his property to be distributed. However, Jonah recently suffered a serious stroke and is now incapacitated. His property is in limbo until a guardian is appointed by the court. If he had established a revocable living trust, he could have used his property to fund the trust. Then, he could have named a successor trustee to take over management of the trust in the event he became incapacitated.
When you establish a revocable living trust, you provide your estate with a layer of privacy that Wills do not offer. Wills become public record when submitted for probate. On the other hand, though, trusts generally are not filed with a court. This means the details of your probate estate – including what property you owned and who ended up with it – remain confidential.
When someone dies, their assets have to go somewhere. A decedent’s property becomes part of their probate estate unless it:
Probate can be complicated, time consuming, and expensive. Rather than put your family through the stress of probate, why not establish a revocable living trust now? Trust assets can be transferred quickly and efficiently to heirs, unlike passing them through probate.
Talk to an attorney about revocable living trusts. As a Florida attorney board certified in Wills, Trusts & Estates, Attorney John Mangan offers effective estate planning to his clients. To schedule an appointment, call us at 772-324-9050 or fill out our Contact Form. Our office is conveniently located in Palm City, Florida.