Living Trust Vs Will In Florida

In most cases it also makes sense to name the same person for both.

Living trust vs will in florida. The person who creates the trust is called the grantor. If the value of your assets is over the minimum threshold in. 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 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. With a trust you initially serve as trustee and manage the property. The grantor designates a trustee to manage the trust on behalf of the trust s beneficiaries. Choose a successor trustee.

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. To make a living trust in florida you. A revocable living trust doesn t require probate because the trust owns the assets and the trust hasn t died. Chapter 736 of the florida code governs the creation of trusts in florida.

The grantor transfers property into the trust and names a person to serve as trustee to manage the property. Like a will a trust will require you to transfer property after death to loved ones. In your living trust you name a successor trustee who will manage just the property left through the trust. In most cases the grantor serves as the trustee of his own revocable living trust managing the property placed within it during his lifetime.

A living trust at least theoretically provides for a smoother transition of management and ownership of property. The minimum net worth necessary for a single person to consider using a revocable living trust will vary from state to state. For instance in florida estates valued at 75 000 or less are considered small enough to be administered through a simple summary probate process. Decide what property to include in the trust.

Decide who will be the trust s beneficiaries who will get the trust property. It is called a living trust because it is created while the property owner or trustor is alive. The revocable trust has certain advantages over a traditional will but there are many factors to consider before you decide if a revocable trust is best suited to your overall estate. Choose whether to make an individual or shared trust.

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. It s a private contract between you as the trustmaker or grantor and the trust entity. A trust allows its grantor or creator to transfer almost any type of asset into the trust. Create the trust document.