Florida Living Trust Attorney
A lot of people think a Revocable Living Trust is an ultimate answer to everything. It really isn’t. A Revocable Living Trust is simply a management tool that makes it easier to handle peoples' affairs during lifetime and after death without the interference of a court. You create a Revocable Living Trust and put most of your assets into it. You can continue to use and manage your assets just as you do now. If you become incompetent, whomever you designate as your successor trustee automatically takes over without having to be appointed by a court. The trust document says how you want your assets managed during your lifetime, and then how you want them distributed after your death.
If you move from one state to another, your Revocable Living Trust moves with you. It will still be valid and effective in the new state. Unlike the durable power of attorney which becomes void upon your death, the trust continues to be effective. The successor trustee either continues to serve or takes over and winds up your affairs. If you do not own any real estate, the trust may avoid probate altogether. It is generally harder to attack than a will, as well, if you have relatives or friends who you think might try to set it aside. If you own property in more than one state, then you absolutely should have the property owned by a Revocable Living Trust. Otherwise, your loved ones would likely have to go through the probate process in each state in which you own real property. If the property is titled in your Revocable Living Trust, probate may be unnecessary. It will save your loved ones a tremendous amount of time and energy and money by avoiding multiple probates.
A Revocable Living Trust is useful for many reasons, but probably the most important is to avoid legal, court-controlled guardianship . In most instances, if you became incompetent, someone would have to go to court to become your legal guardian in order to take care of your affairs. That is a lengthy and expensive procedure with initial court costs and legal fees of anywhere from $3,000.00 up. Your personal affairs, with all the documents and information about your handicaps, medical condition and illness, and assets are a matter of public record at the courthouse. Disputes among members of your family or persons seeking to be named guardian become a matter of public record. In the meantime, your financial affairs may be in limbo. Unfortunately, the person pushing the hardest to be named guardian in a court action is often the least desirable choice.) In addition, your normal family physician (who knows you best) cannot serve on the committee to determine your competency. The law requires two independent doctors, which means they don't know your history or family considerations, except for reading your charts, records and talking with the treating physician.
If you set up a Revocable Living Trust, you choose who should serve as your guardian, without court intervention. The successor trustee and guardian take over and manage your affairs on your behalf automatically, according to the terms of the trust document.
Another use of the Revocable Living Trust is that you can have the successor trustee take over any time you choose. If you simply don't want to manage your affairs any longer or want to be sure they're being looked after while you are away on a long trip, your successor trustee can act in your place. You can also "test" your successor, to see if you are satisfied with his or her performance.
For More Information About Revocable Living Trusts
Please contact estate-planning lawyer Rebecca M. Becker if you would like more information about Revocable Living Trusts. We prepare Revocable Living Trusts and other legal preventive maintenance documents for clients in Flagler and Volusia County in Florida, including Daytona Beach, Ormond Beach, Port Orange, New Smyrna Beach, Edgewater, Deland, Deltona, Pierson, Palm Coast and Flagler Beach.
We look forward to an opportunity to work with you.
