If you want to ensure your assets are protected and distributed according to your wishes after you pass away, then you should consider setting up a revocable living trust. Unlike a typical trust, this type of trust allows you to manage your assets while you’re alive and revoke or amend the trust at any time.

Here, I will dive into what a revocable living trust is, the requirements to set it up, and its purpose in Florida.

What is a Revocable Living Trust?

One of the significant benefits of a revocable living trust is that you have complete control over your assets and how they're distributed, both during your lifetime and after your death.

As the trustee, you'll have the power to make changes
or amendments to the trust as you see fit.

When it comes to the distribution of assets after your death, you'll name a successor trustee who will be responsible for carrying out your wishes.

You'll also name beneficiaries who will receive the assets according to your instructions.

To ensure that your wishes are accurately reflected in the trust, it's essential to work with an experienced estate planning attorney like myself, who can guide you through the process and ensure that your trust documents accurately reflect your wishes.

Why Should You Get a Revocable Living Trust?

There are several reasons why Florida residents set up a revocable living trust. Let’s explore some of the most common ones:

Avoiding Probate

Probate is a legal process that can be costly and time-consuming. In Florida, it can take up to a year for the probate process to be fully completed; most cases are 6-9 months. But this timeframe can vary greatly based on the documentation you have in place.

By transferring your assets into a revocable living trust, you can avoid probate and ensure that your assets are distributed to your beneficiaries quickly and efficiently.

Maintaining Privacy

When your estate goes through probate, it becomes a matter of public record. By setting up a revocable living trust, you can maintain privacy and keep your personal and financial affairs out of the public eye.

Protecting Assets

A revocable living trust can protect your assets, especially if you’re concerned about potential creditors or lawsuits. By transferring your assets into the trust, they’ll be protected from these types of claims.

Planning for Incapacity

If you become incapacitated, a revocable living trust can ensure that your assets are managed by a successor trustee and that your wishes are followed.

This successor trustee will be required by law to act in accordance with the terms of the trust and any instructions you have provided.

What Type of Assets are Commonly Transferred into a Florida Revocable Living Trust?

Several types of assets are transferred into a Florida revocable living trust including:

Real estate
Bank and investment accounts
Business interests
Jewelry

Vehicles
Artwork
Intellectual property

It’s important to be aware that not all assets should be transferred into a revocable living trust. An example of this would be a retirement account, as transferring such an account could cause tax consequences.

This is where I will be able to assist you in determining which assets are transferrable and come up with the best strategy for your unique needs. During your consultation, we’ll discuss your wishes and create your custom estate plan.

Requirements of a Revocable Living Trust in Florida

The requirements and laws governing trusts can vary from state to state, so it's necessary to understand the specific rules that apply to Florida residents when setting up a revocable living trust.

In Florida, the laws presently surrounding trusts are outlined in the Florida Trust Code, which sets out the legal requirements for creating, administering, and terminating trusts in the state.

To set up a revocable living trust in Florida, you’ll need to follow these requirements:

The trust must be created and signed by you.
You must transfer assets into the trust.
There must be a successor trustee named.
A beneficiary will need to be named.
The trust must have a provision for revocation or amendment.

Read More > The Importance of a Trust

Get Started on Your Revocable Living Trust Today

Setting up a revocable living trust in Florida can provide peace of mind knowing that your assets will be managed and distributed according to your wishes. By understanding the purpose of the trust, what type of assets to transfer, and the requirements, you can take the necessary steps to set up a trust that meets your unique needs.

I can help you navigate the complex laws and requirements in Florida and guide you through the process of setting up a revocable living trust. Don't wait until it's too late to protect your assets and have your final wishes followed. Reach out to our caring estate lawyer today to schedule a consultation.

How to Set Up a Revocable Living Trust in Florida