The Law Office of Jeffrey A. Attia, PA is an established estate planning and probate law firm that assists clients throughout the Southwest region of Florida. We handle all aspects of estate planning, including trusts, wills, guardianship, probate and asset protection. To develop an estate plan that is tailored to your specific needs and goals, our Fort Myers trust administration attorney conducts a comprehensive analysis of your lifetime and estate planning objectives. We then recommend and draft the most advantageous instruments. We advise you on whether you can benefit from a revocable trust to monitor your income and pass an inheritance to your loved ones.
What is a Revocable Trust?
A revocable trust may be revoked or altered by the grantor. The property belongs to the trust, but income earned by the trust may be distributed to the grantor throughout her or his lifetime. Upon the grantor’s death, the property is transferred to the beneficiaries of the trust. The transfer may be outright, in which the property is distributed to the beneficiaries according to the terms of the trust, or may continue as a trust with a trustee acting on behalf of the beneficiaries. In the later case, the beneficiaries generally receive income from the trust, which continues to be managed by the trustee according to the terms of the trust.
Why Form a Revocable Trust?
A revocable trust is an asset management tool that allows you to easily transfer assets to your loved ones upon your passing. The trust property typically does not go through probate and so the assets contained therein remain confidential, as opposed to the public nature of probate proceedings. However, it’s important to note that oftentimes people transfer their Homestead property into a trust. If the terms of the trust don’t devise the homestead in accordance with Florida’s Constitution, the homestead will no longer be considered trust property.
A revocable trust becomes irrevocable at the time of your death. You can, therefore, create conditions that are beneficial to your loved ones. For example, the trust can provide for the care of your minor children. Conversely, you may not want your teenage or adult children to receive a windfall at a very young age, and can use the trust to establish terms for receipt of money at appropriate intervals.
Unlike some irrevocable trusts that are created during the grantor’s life, revocable trusts don’t provide any greater tax advantage than what can also be accomplished in a Will . Also differing from an irrevocable trust, creditors may successfully pursue assets contained in a revocable trust. However, revocable trust-based estate plans typically cost more than will-based estate plans.
Learn More About Revocable Trusts From Our Experienced Fort Myers Trust Administration Attorney
A revocable trust may be a helpful estate planning instrument for you to manage your assets during your lifetime and to distributed your inheritance upon your passing. Fort Myers trust administration attorney Jeffrey Attia can help you understand revocable trusts and advise you on your rights and options. Call us today at (239) 919-2318 to schedule an estate planning consultation.