Probate is the legal procedure where a court supervises the distribution of a deceased person’s assets. This process can take months, sometimes even years, and involves fees that can reduce the overall value of the estate.
A revocable trust is an effective estate planning tool that can help Floridians avoid the lengthy and often costly probate process. By creating a revocable trust, one can protect their assets from probate while maintaining control over them during their lifetime.
What is a revocable trust?
A revocable trust allows the person who creates it to place assets into the trust while still being able to change or revoke it at any time. The assets placed in the trust no longer legally belong to the grantor upon their death. Instead, the trust holds them, and a designated trustee distributes them to beneficiaries according to the terms of the trust. Assets placed in a trust in this way are not subject to probate.
Are there other benefits of a revocable trust?
In addition to helping Floridians avoid probate, a revocable trust offers privacy. Probate is a public process, which means anyone can access the details of the estate, including the assets and who receives them. A trust, on the other hand, keeps this information private, providing a layer of confidentiality for both the estate and its beneficiaries.
A revocable trust also allows for more efficient management of the estate. The trustee can distribute the assets without waiting for a court’s approval, reducing delays that are common in probate cases. This helps beneficiaries receive their inheritance more quickly and without the added stress of dealing with the court system.
Overall, creating a revocable trust helps Floridians distribute their assets smoothly. While probate may still be necessary in certain situations, a well-prepared trust can significantly reduce the time, expense and hassle involved in passing on an estate.