A Revocable Living Trust or Inter-Vivos Trust can be a powerful tool for succession planning and avoiding probate. It is a popular estate planning tool in Florida. McWhorter Law can help you determine if a Living Trust is advantageous for your circumstances.
A Will or a Living Trust:
Like your Last Will and Testament, a Living Trust is also a written declaration of who you would like to receive your property at your passing. However, unlike a Will, a Living Trust is a private document which allows you to pass property without the delays, cost, and publicity of going through the probate courts. A Trust can also accomplish a lot more such as protecting your family’s privacy; providing for your children, grandchildren, and pets; helping to plan for your incapacity; and protecting your property from lawsuits.
More Control Over Distributions to Beneficiaries:
A Living Trust gives you greater ability to control when beneficiaries receive their inheritance, and how they use it. For example, if you have an adult child who is not responsible with money, the provisions of your Trust could specifically give him only certain amounts at specific ages, and/or for specific purposes.
We love our pets. Two thirds of Americans live with an animal, and according to a Harris poll, 90 percent of pet owners think of their dogs and cats as members of the family. For a long time, Florida law did not provide pet owners with an estate planning tool to provide for their pets after the owner’s death. In 2002, Florida’s statutes were changed to allow for making a Pet Trust. Florida Statute 736.0408 allows pet owners to establish a trust for their pets.