How to Create a Revocable Living Trust in Florida
A revocable living trust is widely considered to be one of the most effective estate planning tools. It allows people to efficiently transfer assets to their beneficiaries, all while avoiding probate and maintaining full control over their property during their lifetime. Here, our Tampa estate planning lawyers highlight four of the key steps that you should follow when setting up a revocable living trust in Florida.
- Know Your Beneficiaries
According to a survey conducted by the AARP, as many as 60 percent of American adults do not have basic estate planning documents in place. If you want to have control over what happens to your assets after you pass away, you must put the proper estate planning documents in place.
In many circumstances, a revocable living trust is better for distributing an inheritance than a traditional will. To set up this type of trust, you must determine your beneficiaries. One of the many advantages of a living trust is that you can include as many beneficiaries as you want — whether it is one person, a large group of grandchildren, or even for a charitable organization.
- Select a Trustee
A trustee should be appointed to oversee the trust. In the most straightforward terms, a trustee is the individual who is responsible for administering the trust. Trustees are tasked with following the specific procedures set forth in the estate planning documents. When putting a revocable living trust in place, you should not just pick anybody to oversee the trust — you need to find a reliable person who is truly capable of handling the position.
- Draft the Trust Documents
Trust documents should be drafted by a qualified professional. Your estate planning lawyer will be able to review your situation, assess your objectives, and make sure that creating a revocable living trust is the best way to achieve your goals. From there, assuming that it is the appropriate estate planning vehicle, you can draft legally valid trust documents. Remember, a revocable living trust is a legal document. If it is not completed correctly, it could cause you or your family members serious problems.
- Fund the Trust
Finally, to be legally valid in Florida, a revocable living trust must be funded. One of the core benefits of a revocable living trust is that it will allow assets to avoid probate. However, this is only true if the trust is properly structured and fully funded. For a trust to be legally valid in Florida, it must be funded. In other words, assets must be formally transferred in the name of the trust before the grantor passes away. This can be a complicated process. Be sure to consult with an experienced estate planning lawyer before moving forward with this process.
Get Help From Our Tampa, FL Estate Planning Attorneys Today
At Bubley & Bubley, P.A., our Florida estate planning lawyers are committed to helping our clients achieve true peace of mind. If you have questions about creating a revocable living trust in Florida, please do not hesitate to contact our legal team for a confidential initial consultation. From our law office in Tampa, we serve communities throughout Hillsborough County, including in Brandon, Durant, Lithia, Sun City Center, Thonotosassa, and Valrico.
Resource:
aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html
https://www.bubleylaw.com/triggering-events-for-reevaluating-your-estate-plan/
