A revocable trust, also known as a living trust, is a legal document that allows you to manage your assets during your lifetime and distribute them after death without going through probate. You can change or revoke it at any time while you’re alive.
Florida residents often use revocable trusts to avoid probate, maintain privacy, and ensure a smooth transition of assets to beneficiaries. It’s especially useful for those who own property in multiple states or want to avoid court delays.
Yes, you can serve as the trustee of your own revocable trust. Many people do this to maintain full control of their assets. You can also appoint a successor trustee to take over if you become incapacitated or pass away.
Common assets include real estate, bank accounts, investments, and personal property. Some items, like retirement accounts or life insurance policies, may be better handled through beneficiary designations instead of placing them directly in the trust.
No, a revocable trust does not offer protection from creditors while you’re alive. Since you retain control over the trust assets, they are still considered part of your estate and accessible to creditors.
Funding a trust means transferring ownership of your assets to the trust. This can involve retitling bank accounts, executing new deeds for real estate, or assigning personal property. Schnauss Naugle Law can help guide you through this process.
Yes, a “pour-over will” is still recommended. It ensures that any assets not titled in the trust at the time of your death are transferred into the trust and distributed according to your instructions.
Do not leave your family’s future to chance. Call us today or fill out our online form to schedule a consultation. Let us help you protect your assets and create a plan that gives you peace of mind.
