Revocable living trusts are extremely effective at avoiding probate. This allows your heirs to avoid having to pay probate fees and costs. Skipping probate also allows you to keep the details of your estate private. In probate you have to enter the contents of the will into the public record. With a trust, nobody who is not part of the trust has access to the document.
A revocable living trust is more efficient vehicle for distributing property upon the death of the trust make than a will is. Upon the death of the trust maker, the assets can be immediately available for the heirs for paying any costs related to things like funeral expenses, taxes, or fees. Often a probate judge has to approve these expenditures if there is only a will.
They also allow the creator of the trust to leave very specific instructions for how their assets are to be distributed after their death. They can order that all the property be given out, as it would in a will, or it can setup conditions and timelines for when assets may be distributed to the heirs.
Revocable living trusts are usually easier to amend than wills. Unlike a will, you can also have multiple originals of a trust. This means that lost paperwork will not subvert your estate plan.
Revocable living trusts allow people to continue to enjoy access to all their assets while they are alive and to change their minds about certain conditions of the trust. This type of trust is fluid. Property is often moved in and out of the trust during the lifetime of the trust maker.
If a trust maker becomes unable to manage their own assets due to illness or injury, a revocable living trust can allow for a handpicked trustee can step in and manage the assets for the benefit of the trust maker and keep the assets from being wasted.
Revocable living trusts can be used to limit estate tax exposure for larger estates. However, the Florida trust lawyer must setup the trust correctly to successfully avoid estate taxes. These types of trusts do not have the same tax advantages as an irrevocable trust.
Trusts also allow you to give decision-making power over the distribution of the assets to a third-party that is not emotionally involved. This allows for continuity in the management of the assets. It also ensures your instructions for the management of your legacy are faithfully followed.