Be Prepared for All Life’s Turns
A Revocable Living Trust (sometimes simply called a living trust) is a legal document that allows you to establish a separate entity (the trust) to "hold" legal title to your assets while you are alive, and to name trustees to manage those assets according to the trust terms. A revocable living trust covers three phases: your lifetime, possible incapacity, and what happens after your death. The trustmaker can undo a revocable trust--unlike an irrevocable trust. With this type of trust, you can reclaim assets you’ve placed into it, divert the trust's income to yourself or another beneficiary, sell the assets or even place more assets into the trust.
Typically, you serve as the trustee while you are alive, managing your assets for your own benefit. Upon your disability or death, the trust terms appoint your successor trustee who then continues to manage -- or distribute -- the assets held in trust. A properly drafted trust can accomplish many goals, including guardianship and probate avoidance for your family and beneficiaries, marital and creditor protection for your children.
Create A Revocable Living Trust With Elaine McGinnis Law
Our Tampa, Florida estate attorney will create the trust's formation documents.
The trust agreement will also specify what happens if you become mentally incapacitated and can no longer manage your affairs and those of the trust. We ensure that your "successor trustee” is designated to take over management of the trust, if you are determined to be mentally incapacitated.
A revocable trust automatically becomes irrevocable when the trustmaker dies. Your successor trustee pays your final debts and then distributes the remaining assets to the trust's beneficiaries according to the terms of the trust.
Avoid Florida Probate with a Revocable Living Trust
Call the Law Office of Elaine McGinnis -- 813-639-7658 -- to schedule a free initial consultation. We can help you create a revocable living trust and take the burden off your loved ones should you become incapacitated or pass away. Avoid Florida probate issues, contact our Tampa, FL estate lawyer today!
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Create a revocable living trust to avoid probate and take the burden off your loved ones should you become incapacitated or pass away. Contact our Tampa, FL estate lawyer today!