Revocable Trust

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A revocable trust, often called a living trust, is a flexible legal tool that allows you to manage your assets both during your lifetime and after your death. In Florida, the person who creates the trust—known as the grantor—retains full control and can modify or revoke the trust at any time, provided they remain mentally competent. This adaptability makes revocable trusts an appealing choice for many who want to maintain control over their estate while planning ahead.

One of the key advantages of a revocable trust is that it helps your heirs avoid the lengthy and often costly probate process. Because the assets held in the trust don’t go through probate, your beneficiaries can receive their inheritance more quickly and with greater privacy. Additionally, if you become incapacitated, the trustee you appoint can step in to manage the trust assets seamlessly, without the need for a court-appointed guardian or conservator, offering peace of mind for you and your loved ones.

When the grantor passes away, the trustee takes on the responsibility of settling any outstanding debts, claims, and taxes before distributing the remaining assets according to the instructions laid out in the trust. However, for the trust to work effectively, you must transfer ownership of your assets into the trust—a process known as “funding” the trust. Without funding, the trust won’t control those assets, which can undermine your estate plan.

It’s important to note that while a revocable trust offers many benefits, it does not protect assets from creditors nor does it reduce estate taxes. Because of this, working with knowledgeable legal and financial advisors is crucial to develop a comprehensive estate plan tailored to your unique goals and circumstances.

At The Miami Estate Group, we help guide you through creating and funding a revocable trust that fits your needs. If you want to explore how a living trust can streamline your estate plan and provide security for your family’s future, call us today at 786-440-8668. Our experienced team is here to support you every step of the way.