Revocable Trust Lawyer in South Florida
Utilize Revocable Trusts to Strengthen Your Estate Plan
Revocable trusts, also referred to as living trusts, are powerful legal vehicles that our attorney will discuss with you when you make your estate plan. When you create a revocable trust, you assume the title of trustor, settlor, or grantor. You can move your assets, called the principal, into the trust. Through the trust, you still own your property and may manage your assets throughout your life. You will outline beneficiaries and establish directions as to how and when the property is distributed.
The Gaston Law Firm, P.A. offers a personalized approach to provide you with an estate plan that reflects your needs and objectives. Our attorney can help you include revocable trusts within your plan to retain control of your assets during your lifetime and allow you the freedom to revise how your property will be handled and redistributed. Contact our firm to get the dedicated assistance you deserve.
To protect your assets while keeping them accessible, call The Gaston Law Firm, P.A. at (888) 388-6859.
Advantages and Disadvantages of Revocable Trusts
Revocable trusts allow you to name future beneficiaries for your assets, which will only be transferred upon your passing. Until that time, you will maintain current ownership and access to all assets named in your trust. Other advantages of revocable trusts include:
- The trust is editable and only becomes irrevocable upon the trustor’s death
- Generally, the assets are eligible for $250,000 of protection per named beneficiary, up to $1,250,000, under the Federal Deposit Insurance Corporation
- The trustor can leave special instructions regarding when certain beneficiaries can obtain the property left to them. Asset distribution can be outright , over time or upon the happening of particular events.
The disadvantages of a revocable trust include:
- The assets are taxable in many instances
- Assets are not considered protected and can be accessed and liquidated by creditors
- Property must be registered in the name of the trust to be included
- Changes to the trust are not automatic, so the trustor must remember to adjust it as circumstances change, such as a divorce or birth of a new family member
Our attorney will help you weigh the pros and cons of revocable trusts based on your needs and circumstances.
After the Trustor’s Passing
When you create a revocable trust, our attorney will help you name a successor trustee. This trustee will manage the trust after you pass away or if you become incapacitated. In either scenario, the trust will become irrevocable, and the trustee acts simply to ensure your directions are adhered to and the assets are distributed to the proper people in the right manner and at the correct time.
Whereas a will becomes public record after the author’s death, a revocable trust remains confidential. This grants the trustor and their heirs a level of privacy less attainable through other documents.
Contact a Revocable Trusts Lawyer in South Florida
The Gaston Law Firm, P.A. offers the assistance and guidance necessary to create and maintain an effective revocable trust that can accomplish your goals. Our knowledgeable attorney will guide you through the process and remain accessible whenever you wish to revisit and/or revise your trust. We encourage you to contact our firm for further information on revocable trusts and how they can benefit you.
Contact The Gaston Law Firm, P.A.for professional assistance with including a revocable trust in your estate plan.