Do I need a revocable trust in Florida?

A: Whether you need a revocable trust in Florida depends on your unique situation. For example, if you're single with minimal assets, no children, and minimal debts, you don't need a revocable trust. If you have a large estate, you may benefit from having a revocable trust. To get a thorough understanding of revocable trusts, you should speak to a Bonita Springs estate planning attorney.

Irrevocable Trust vs. Revocable Trust in Florida

A trust, which is conceived by a grantor, holds property to benefit beneficiaries. Basically, there are 2 kinds of trusts, those that are revocable and those that are irrevocable. When an irrevocable trust is created, the grantor irrevocably transfers property to the trust. The property is given away and the grantor cannot revoke the trust or take the property back.

Irrevocable trusts can be used for:

Medicaid planning;
asset protection; and
estate tax and gift planning.

A revocable trust, on the other hand, can be altered or revoked. You can cancel it altogether, change the terms, or remove and add property. While you're mentally competent and healthy, you can be the trustee. Upon your death, your revocable trust will become irrevocable.

Similar to a will, a revocable trust outlines how property will be disposed upon your demise or managed in the event you become incapacitated. Overall, a revocable trust can help avoid probate when you die and guardianship if you become incapacitated.

Since a revocable trust will make your estate planning more complex, you should discuss all of your options with a Bonita Springs estate planning attorney.

Help from a Bonita Springs Estate Planning Attorney is a Phone Call Away

Bonita Springs estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with your revocable trust in Florida, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions - 239-939-7100 or 888-643-6514.

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Matthew A. Linde, P.A.
12693 New Brittany Blvd.
Fort Myers, FL 33907
Phone: 239.939.7100
Fax: 239.939.7104
Toll Free: 888.643.6514
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