If you’d like to help your family members avoid the probate process after your death, creating a living trust may be a wise idea.
At Sawyer & Sawyer, we offer professional living trust assistance for clients across Central Florida. We’d be happy to explain a living trust in more detail, help you create one, and ensure that your trust remains legally binding long term.
What Is a Living Trust?
A living trust is a financial arrangement that allows you to hold assets or real estate on behalf of a beneficiary. You may also see the terms “revocable living trust” or a “revocable trust” in reference to a living trust.
Creating a living trust for your beneficiaries is a method of avoiding probate after you pass, streamlining the process of distributing your assets. Better yet, living trusts are revocable, so you can alter yours at any time.
A living trust includes at least three roles:
- Grantor: The person who establishes the trust and donates assets or funds to it
- Trustee: The person who manages the trust
- Beneficiary: The person who will receive the assets in the trust
Sometimes, the trustor and the beneficiary are the same people. However, a living trust can also have remainder beneficiaries, who will receive the property after the settlor has passed away.
You can also act as the trustee in your living trust if desired. However, you may want to name a successor trustee who will be responsible for distributing the funds in the trust when you pass away.
How Can a Living Trust Benefit Your Florida Estate Plan?
Probate is the judicial process individuals must go through to secure assets from a decedent’s estate. Even if you have clearly indicated in your will who will receive your property, the probate process can take weeks or months and include several stressful court appearances.
If you’d like your family members to be able to bypass the probate process, you can place your assets in a living trust instead of indicating them in your will. Trusts are not subject to probate, allowing your beneficiaries to receive their assets quickly.
Additionally, a living trust can help you avoid guardianship. If you become incapacitated and unable to make decisions about your assets, the successor trustee can automatically assume responsibility for the trust without needing to petition the court.
Why Hire a Florida Estate Planning Attorney to Create a Living Trust?
Creating a legally binding living trust involves drafting a legal document and following all trust policies within Florida. Drafting the trust document with the assistance of a qualified attorney can ensure that the trust meets your wishes and complies with legal guidelines.
At Sawyer & Sawyer, we’d be happy to help you create a trust that is in the best interest of yourself and your loved ones. We can help you understand the terms of the trust, walk you through the process of creating a trust, and ensure that it complements your estate plan well.
Contact an Experienced Florida Estate Planning Attorney
Contact our legal team at Sawyer & Sawyer today at 407-909-1900 to begin drafting your living trust.