A Living Trust is a tool used by Jacksonville Estate Planning Lawyers to hold assets for the benefits for one or more beneficiaries. Often the initial beneficiaries are the people who create them. In this case, a person or couple can use the assets of the trust just like they would do with their own assets. The big advantage to a Florida Living Trust is that upon the death of the creators of the trust, the assets have a predefined beneficiary.
This enables properly created trust assets to avoid the delays and costs associated with a Florida Probate. Florida’s new trust code requires that to be eligible to create a Florida Trust, you must some nexus or connection with the state of Florida.
Some additional benefits of a Florida Revocable Trust are that the way in which the assets are distributed are not public like with a will or assets that pass under the state’s intestate statutes.
Assets that are to pass to young children can be held for them until they become responsible or reach a predefined age.
There are no tax consequences of having assets in a revocable trust in Florida. Once the creator (grantor or settlor) dies, the trust is converted into an irrevocable trust and a Federal Employee number must be obtained.
If you are considering a Florida Revocable Trust, have a revocable trust from another state, or want to find out how a Florida Revocable Trust can benefit you, contact a Florida Revocable Trust Attorney or a Florida Living Trust Lawyer for more information.