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Living Trust
A recent article in Forbes magazine titled, "Trust a Trust", advises: "Have you set up a trust? If you haven’t, get cracking. No middle-class family should be without one."
Regardless of whether you have $100,000 or more, you should always consider the advantages of a trust over a will, because a trust can help you keep legal control within your family and avoid court intervention.
What is a Revocable Living Trust?
The key word is “Revocable”, which means you have unfettered discretion to alter, change, amend or revoke the trust. You are THE BOSS. A Revocable Living Trust is a legal document that includes your instructions for what you want to happen to your assets when you die, just like a Will. But, unlike a Will, a Living Trust avoids probate at death. It also prevents the court from controlling your assets if you become incapacitated.
How does a Living Trust avoid probate and prevent court supervision at incapacity?
When you set up a Living Trust, you transfer assets from your individual name to the name of your Trust, which you control. Technically, you no longer own anything, so there is nothing for the courts to administer when you die or if you become incapacitated. The concept is very simple, but this is what keeps you and your family out of the courts — even if you own assets in other states.
Do I lose control of the assets I put into my Living Trust?
Absolutely not. You keep full control. You can do anything you could do before — including buying, selling, investing, etc. You can make changes or even cancel your Trust (that’s why it's called a revocable trust).
Learn More
To learn more about this valuable legal tool, request the booklet Understanding Living Trusts for Florida Residents at info@raricklaw.com.
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Rarick, Beskin & Garcia Vega, P.A. has assisted Florida families and business persons for over 17 years. Our firm has worked with over 400 similar law firms located in states outside of Florida to represent their clients in legal matters concerning Florida probate, estate planning, and asset protection. To schedule a meeting, call (305) 556-5209 or (954) 566-1151, or email info@raricklaw.com. We look forward to meeting you!
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