Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. Other provisions of the trust document include: trust assets, disposition of income and principal, and administration of the trust assets after the death of the trustor.
Florida Living Trust — Revocable is a legal document designed to manage an individual's assets during their lifetime and distribute them after their death, all while avoiding the probate process. A revocable living trust offers flexibility and control over one's assets while providing protection and convenience to both the trust or (person creating the trust) and the beneficiaries. In Florida, there are two primary types of revocable living trusts: 1. Simple Revocable Trust: It is the most common type of living trust and allows the trust or to maintain complete control over their assets during their lifetime. The trust or can make changes, withdraw assets, and even revoke the trust if desired. It offers flexibility and allows for the smooth transfer of assets after the trust or's death, bypassing probate. 2. Pour-Over Trust: This type of revocable living trust works in conjunction with a will and is often used when there is a need for flexibility or when specific assets need to be transferred into the trust. It ensures that any assets not explicitly included in the trust at the time of the trust or's death are transferred into the trust through the probate process. Benefits of setting up a revocable living trust in Florida include: 1. Avoidance of Probate: By placing assets in a living trust, they can pass directly to beneficiaries upon the trust or's death without going through probate. This saves time, money, and maintains privacy. 2. Asset Protection: Living trusts can protect assets from creditors and lawsuits, providing a level of security. 3. Incapacity Planning: A revocable living trust allows for the seamless management of assets in the event the trust or becomes incapacitated, ensuring financial affairs are taken care of according to the trust's instructions. 4. Privacy: Unlike probated wills, living trusts are generally not made public, maintaining the confidentiality of asset distribution and keeping sensitive family matters out of the public eye. 5. Flexibility: Revocable living trusts can be altered or revoked entirely by the trust or during their lifetime, allowing for changes in circumstances or personal wishes. It is important to consult with an experienced estate planning attorney to determine the most suitable type of revocable living trust for one's specific needs and to ensure compliance with Florida's laws and regulations.Florida Living Trust — Revocable is a legal document designed to manage an individual's assets during their lifetime and distribute them after their death, all while avoiding the probate process. A revocable living trust offers flexibility and control over one's assets while providing protection and convenience to both the trust or (person creating the trust) and the beneficiaries. In Florida, there are two primary types of revocable living trusts: 1. Simple Revocable Trust: It is the most common type of living trust and allows the trust or to maintain complete control over their assets during their lifetime. The trust or can make changes, withdraw assets, and even revoke the trust if desired. It offers flexibility and allows for the smooth transfer of assets after the trust or's death, bypassing probate. 2. Pour-Over Trust: This type of revocable living trust works in conjunction with a will and is often used when there is a need for flexibility or when specific assets need to be transferred into the trust. It ensures that any assets not explicitly included in the trust at the time of the trust or's death are transferred into the trust through the probate process. Benefits of setting up a revocable living trust in Florida include: 1. Avoidance of Probate: By placing assets in a living trust, they can pass directly to beneficiaries upon the trust or's death without going through probate. This saves time, money, and maintains privacy. 2. Asset Protection: Living trusts can protect assets from creditors and lawsuits, providing a level of security. 3. Incapacity Planning: A revocable living trust allows for the seamless management of assets in the event the trust or becomes incapacitated, ensuring financial affairs are taken care of according to the trust's instructions. 4. Privacy: Unlike probated wills, living trusts are generally not made public, maintaining the confidentiality of asset distribution and keeping sensitive family matters out of the public eye. 5. Flexibility: Revocable living trusts can be altered or revoked entirely by the trust or during their lifetime, allowing for changes in circumstances or personal wishes. It is important to consult with an experienced estate planning attorney to determine the most suitable type of revocable living trust for one's specific needs and to ensure compliance with Florida's laws and regulations.
