When you think about estate planning, it is at its core an act of kindness. You’re creating the plan in order to share what you have with loved ones when you are no longer around. The act of kindness that is estate planning can be expanded to help the beneficiaries to avoid the time-consuming complexities and expense of Florida probate.
One of the best ways to avoid probate is to sit down with an estate planning attorney to create a living trust (also known as a revocable trust).
Most living trusts are revocable, which means you can make alterations to them when circumstances in life change. Another advantage of putting assets in trust: you can place conditions on when and how beneficiaries will receive those assets.
Extra choice for couples
Married couples also have an extra option with living trusts, which can be established jointly or separately. Some couples have separate assets that they prefer to keep separate, which can be done with separate trusts.
In some cases, there can be tax advantages gained with separate trusts – a possibility to be discussed with your estate planning lawyer.
Another benefit of living trusts is that a disability trustee can manage the assets in a revocable living trust if you become incapacitated.
Finding the perfect fit
It should be noted that there are no one-size-fits-all Florida estate planning tools. A revocable living trust might fit your neighbor’s situation perfectly, but other planning tools and approaches might offer you and your beneficiaries even greater benefits.
An experienced Hernando County estate planning attorney can explain your options.