Living Trust Vs Will In Florida

For instance in florida estates valued at 75 000 or less are considered small enough to be administered through a simple summary probate process.

Living trust vs will in florida.

The revocable trust has certain advantages over a traditional will but there are many factors to consider before you decide if a revocable trust is best suited to your overall estate. The grantor transfers property into the trust and names a person to serve as trustee to manage the property. A trust holds title to property during a person s lifetime. A revocable living trust allows you to buy additional real estate at any time during your lifetime in the name of the trust whether in florida or outside the state.

The grantor designates a trustee to manage the trust on behalf of the trust s beneficiaries. Create the trust document. With a trust you initially serve as trustee and manage the property. It is called a living trust because it is created while the property owner or trustor is alive.

The minimum net worth necessary for a single person to consider using a revocable living trust will vary from state to state. A grantor can create a trust on its own or they can create one in a will. In your living trust you name a successor trustee who will manage just the property left through the trust. Like a will a trust will require you to transfer property after death to loved ones.

A living trust at least theoretically provides for a smoother transition of management and ownership of property. Decide who will be the trust s beneficiaries who will get the trust property. The revocable or living trust is often promoted as a means of avoiding probate and saving taxes at death and is governed by chapter 736 florida statutes. It s a private contract between you as the trustmaker or grantor and the trust entity.

In most cases it also makes sense to name the same person for both. Choose a successor trustee. Because most estates will need an executor to some extent it makes sense to make a will and name an executor even when you leave most of your property through a trust. If the value of your assets is over the minimum threshold in.

In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime. Decide what property to include in the trust. Choose whether to make an individual or shared trust. To make a living trust in florida you.

In some cases when you create a trust you can act as the trustee during your lifetime to maintain control over your assets. Chapter 736 of the florida code governs the creation of trusts in florida. The person who creates the trust is called the grantor. If you become.