Living Trust Vs Will In Florida

The revocable or living trust is often promoted as a means of avoiding probate and saving taxes at death and is governed by chapter 736 florida statutes.

Living trust vs will in florida.

In most cases it also makes sense to name the same person for both. To make a living trust in florida you. A grantor can create a trust on its own or they can create one in a will. A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died.

The grantor transfers property into the trust and names a person to serve as trustee to manage the property. The grantor designates a trustee to manage the trust on behalf of the trust s beneficiaries. The minimum net worth necessary for a single person to consider using a revocable living trust will vary from state to state. If you become.

It is called a living trust because it is created while the property owner or trustor is alive. The person who creates the trust is called the grantor. It is much more difficult for heirs to contest a revocable living trust than it is for them to contest a will plus it is much quicker to make beneficiary distributions with a. Chapter 736 of the florida code governs the creation of trusts in florida.

The revocable trust has certain advantages over a traditional will but there are many factors to consider before you decide if a revocable trust is best suited to your overall estate. With a trust you initially serve as trustee and manage the property. Like a will a trust will require you to transfer property after death to loved ones. Decide who will be the trust s beneficiaries who will get the trust property.

In some cases when you create a trust you can act as the trustee during your lifetime to maintain control over your assets. A trust allows its grantor or creator to transfer almost any type of asset into the trust. Choose a successor trustee. In your living trust you name a successor trustee who will manage just the property left through the trust.

If the value of your assets is over the minimum threshold in. A revocable living trust allows you to buy additional real estate at any time during your lifetime in the name of the trust whether in florida or outside the state. Because most estates will need an executor to some extent it makes sense to make a will and name an executor even when you leave most of your property through a trust. Create the trust document.

For instance in florida estates valued at 75 000 or less are considered small enough to be administered through a simple summary probate process. It s a private contract between you as the trustmaker or grantor and the trust entity. Choose whether to make an individual or shared trust. A living trust at least theoretically provides for a smoother transition of management and ownership of property.