Florida Living Trusts are often the cornerstone of a great estate plan and provide many of our top estate planning clients benefits. Here are a few of the best or most important things that everyone should know about living trusts. In many situations, an asset protection trust can be used in conjunction with a living trust.
1. A Florida Living Trust is Revocable
A Florida Living Trust is more formally known as a revocable trust. The trust’s name is an indication of its flexibility. The Florida living trust is revocable, which means that the person that created the trust can change the trust, or even cancel it, whenever he or she likes. For example, if the creator of the Florida living trust wishes to add or remove a beneficiary from the trust he or she may do so at any time through an amendment or restatement.
Any changes to the trust will be effective during the settlor’s lifetime. A person can transfer assets into the trust for his or her benefit during his or her lifetime. The living trust can even permit a transfer of assets in the scenario that the trust creator becomes incapacitated.