In Florida, there are a number of different ways you can go about managing your assets such that they will be properly distributed after your death. You can designate beneficiaries in a last will and testament, for one thing, and you can also set up a trust. One type of trust that you may not have considered is a revocable trust.
What is a revocable trust?
According to the Florida Bar Association, a revocable trust allows you to set up a document that stipulates how your assets will be managed after your death. Furthermore, you can even have the manager, also known as trustee, manage your assets during your lifetime as well, which can be useful if you become unable to manage them yourself. The flexibility allowed by a revocable trust is that you can terminate it at any time, or simply modify it.
How it works
In order for your trust to be effective, you need to fund it with your assets, and any assets that are set up in the trust will not be subject to the probate process after your death. You can even set yourself up as the trustee, and simply name a successor who will take over when you finally pass on.
As the grantor, you are allowed to withdraw assets or money from the trust at any time. It is important to be careful about which assets you place in a trust, because there may be complications with taxes for certain kinds of assets.
This is an informative article and is not intended to be used as legal advice.