Living Trust Vs Will In Florida

In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime.

Living trust vs will in florida.

A grantor can create a trust on its own or they can create one in a will. A trust holds title to property during a person s lifetime. The minimum net worth necessary for a single person to consider using a revocable living trust will vary from state to state. Chapter 736 of the florida code governs the creation of trusts in florida.

If you become. 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. 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 transfers property into the trust and names a person to serve as trustee to manage the property. Choose a successor trustee. Decide what property to include in the trust. It is called a living trust because it is created while the property owner or trustor is alive.

The person who creates the trust is called the grantor. Like a will a trust will require you to transfer property after death to loved ones. It s a private contract between you as the trustmaker or grantor and the trust entity. In some cases when you create a trust you can act as the trustee during your lifetime to maintain control over your assets.

In your living trust you name a successor trustee who will manage just the property left through the trust. A trust allows its grantor or creator to transfer almost any type of asset into the trust. With a trust you initially serve as trustee and manage the property. To make a living trust in florida you.

Decide who will be the trust s beneficiaries who will get the trust property. A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died. The grantor designates a trustee to manage the trust on behalf of the trust s beneficiaries. 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.

A living trust at least theoretically provides for a smoother transition of management and ownership of property. Create the trust document. It is much more difficult for heirs to contest a revocable living trust than it is for them to contest a will plus it is much quicker to make beneficiary distributions with a. In most cases it also makes sense to name the same person for both.