Orlando, Florida, Attorney L. Reed Bloodworth is the managing partner of Bloodworth Law, with offices in Winter Haven, Florida.
Bloodworth Law provides Florida families and individuals with estate planning legal services which include the creation of legal documents to protect you, your family, your assets, your future.
What is a Revocable Living Trust?
One of the estate planning documents can be a revocable living trust. What is a revocable living trust?
Grantor Names Trustee of Assets
Revocable living trusts are legal entities that allow an individual (known as a grantor) to create an agreement naming people and/or a company (a bank, or a trust firm) as a trustee of their finances and assets.
A revocable living trust, or a revocable trust, is a written document that determines how your assets will be handled after you die.
An irrevocable living trust cannot be modified, amended or revoked, and it takes effect during the life of the grantor.
Living Trust: While Grantor is Living
The description of a “living trust” refers to the fact that it takes effect upon creation of the document, while the grantor is alive.
Revocable: Can Be Revoked
Revocable refers to the fact that the trust can be altered or revoked in its entirety at any time according to the grantor’s wishes.
While a trust may be funded upon the grantor’s death, it is generally preferable to fund it while the grantor is living. This ensures continuity of asset management and financial support of the grantor should he or she become disabled.
Revocable Trusts Minimize Probate Impact
Revocable trusts are created as a tool for minimizing the impact of — or entirely avoiding — probate in Florida.
The other main purposes of a Florida revocable living trust include: giving you control of assets after death; avoiding guardianship court for minor children; asset protection for your beneficiaries, and protection for individuals with special needs.
Other benefits include the ability to manage Medicaid planning, and business succession.
To ensure that you’re cared for, that your family, your children, your pets, your assets are handled in the manner that you want, begin estate planning while life is good.
Talk with Reed about how Bloodworth Law can help you, your family, and your future.Consider sharing this post