If you’ve ever experienced the passing of a loved one, you’re likely to be familiar with probate. Probate can be a challenging and time-consuming process, but there are methods to help avoid it altogether.
If you’re looking to create an estate plan, a probate attorney can help you with a revocable living trust. It can help avoid probate in Florida and create a more peaceful transition for your family at your passing.
What Is Probate?
Probate is a court-supervised process allowing for the identification and distribution of a person’s property and assets after they’ve passed. Additionally, it helps the individual responsible for the person’s estate, called the personal representative, achieve other tasks, including paying off creditors and taxes.
When an individual passes away with an estate plan, including a will but no trust, probate becomes necessary.
What Is a Revocable Living Trust?
If you’re looking to set up a trust, there are many to choose from. Revocable living trusts are among the most common.
A revocable living trust is a document you create during your lifetime that helps create a plan for your money and assets after your passing. It helps distinguish who your beneficiaries are and who gets what when you die.
A revocable trust is revocable because you can modify or revoke it at your discretion, as opposed to an irrevocable trust that cannot be changed or revoked.
When you create a trust, you retitle all of your assets in the name of the trust. You select a trusted individual, a trustee, to manage and distribute those assets to your named beneficiaries once you’ve passed.
With a revocable trust, you, the grantor, still have access to your assets, but they’re protected in case of your death.
Benefits of a Revocable Trust
There are many advantages to a revocable trust, the most important of which is the grantor’s ability to modify the terms of the trust or void it altogether at any time.
While many are familiar with wills, revocable trusts can offer similar protections but better. A will dictates who gets what at your passing but doesn’t go into effect until you’ve passed. When you have a revocable trust, your assets are protected even if you remain living but become incapacitated.
Avoiding Probate with a Revocable Living Trust
Another important benefit to having a revocable trust is its ability to help bypass the probate process.
Even if you have a will, it does not guarantee it won’t need to be probated at your death. When you have a revocable trust, the trustee will be able to transfer your assets to the designated beneficiaries without the need for probate.
Probate can be a long, drawn-out, and sometimes contentious process for many families. Having a revocable trust can help avoid the need for probate, saving valuable time and money.
A Probate Attorney in Daytona Beach Can Help You
If you’re looking to set up a revocable trust or your loved one has passed, and you need assistance with probate, a knowledgeable lawyer can provide top-quality legal assistance.
Estate planning and the probate process can be confusing and stressful. Let a Daytona Beach probate attorney help you.