With a revocable trust, you can retain control of your money, then distribute these assets after your death according to your wishes. When you establish a trust, you also appoint a trustee to take over its administration when you die.
Review the details about Florida revocable trusts to decide whether this type of estate planning vehicle makes sense for you.
Understanding the benefits
In Florida, assets held in a revocable trust can bypass probate. That means that the trustee can transfer ownership of the trust assets to your beneficiaries according to the trust documents. He or she does not need court supervision, which means your survivors can take ownership of these assets more quickly.
A trust also makes sense if you want to provide for your children after your death. The trustee can manage these assets on their behalf until they come of age.
Setting up a trust
To create a trust, you complete a legal document that indicates your wishes for the assets within the trust, both currently and after your death. Your trust paperwork will also establish a trustee to manage the assets when you can no longer do so.
After you establish the trust, you must transfer assets to the ownership of the trust. Property held in the trust can include real estate, stocks, investments, bank accounts, collectibles, cars and other items of value. You can also name the trust as the beneficiary of your pension or retirement account.
You can change the terms of a revocable trust at any time by officially amending the trust documents.