Free Florida Revocable Living Trust

Is a Florida Revocable Living Trust Worth It?

Making a will is an integral part of estate planning in Florida. However, there are other options available that can be even more effective in ensuring your assets are distributed according to your wishes. One such option is the revocable living trust.

What is a Revocable Living Trust?

A revocable living trust is a legal document that allows you to designate how your assets will be managed and distributed after death. Unlike a will, a revocable living trust does not go through the probate process. Your trustees can begin carrying out your wishes without court approval.

Do I Still Need A Will If I Have A Revocable Living Trust?

Yes, you should still have a will even if you have a revocable living trust. This is because certain assets, such as life insurance policies and retirement accounts, cannot be included in a revocable living trust. A will allows you to designate how these assets should be distributed.

How Do I Set Up A Revocable Living Trust In Florida?

To set up a revocable living trust in Florida, you will need to:

    1. Choose a trustee: This can be a family member, friend, or professional fiduciary.

    2. Draft the trust agreement: This document will outline your wishes for how the trust should be managed and distributed after your death.

    3. Transfer assets into the trust: You will need to retitle any assets you want to include, such as real estate or investments.

    4. Fund the trust: You will need to provide funding by making regular deposits or transferring assets into it.

    5. Review the trust regularly: You should review the terms of your trust agreement and make any necessary changes as your circumstances change over time.

What Should I Include In My Revocable Living Trust Agreement?

Your revocable living trust agreement should include the following:

    • Your name and contact information.

    • The information of your chosen trustees.

    • A description of the assets that you are transferring into the trust.

    • Your wishes for how the trust assets should be managed and distributed after your death.

    • Any other terms or conditions you want to include, such as when the trust should be dissolved or who should receive the assets if your beneficiaries predecease you.

Is Living Trust Worth It in Florida?

The benefits of having a Florida revocable living trust are endless. For one, it allows you to save time and money since there will be no need for probate. But having a living trust is not the perfect solution to avoid probate.

Florida is one of the states that has adopted the Uniform Probate Code, a law that streamlines the probate process. As such, probate in Florida is not as tiresome as in other states.

You must also note that even if you create a living trust in Florida, you may need to create a Will. But this may only come in unique situations, such as when assigning a guardian to a minor or when you want other properties that were initially not transferred to the trust to be accounted for.

Estate planning in Florida can be complex, but having a revocable living trust is a sure way of protecting your assets and ensuring that your wishes are carried out after your death. And while most people believe that a living trust can help them reduce estate taxes that is never the case in Florida. The federal tax is levied only on estates of individual valued at $12 million, so most people don't have to worry about taxes.

If you have any questions about setting up a revocable living trust or if you need help drafting the trust agreement, can help.