It’s very common for people to have an estate plan that includes a revocable living trust. If you have such a living trust and haven’t looked at it in a while, it’s probably a good idea to go back and review it soon. Taking the time to review the terms of your living trust every several years or so is an excellent idea because, like many estate planning documents, you’ll probably need to update … [Read more...] about You Should Update Your Living Trust in Florida
When you are going through the estate planning process, it can be quite tempting to try a one-size-fits-all approach. However, everyone has different situations and needs that pertain to their own estate. Just because someone you know has set up a living trust doesn't necessarily mean that you need one as well. In some cases, a will is a better document to use. Here are three scenarios that may … [Read more...] about Do You Really Need a Living Trust?
Occasionally, we’ll have a client voice the concern that transferring their home into their newly-created Revocable Living Trust might violate the “due-on-sale” clause contained in their mortgage. A “due-on-sale” clause is a standard mortgage provision that allows the bank holding the mortgage to call the loan immediately due and payable if the property securing the mortgage changes … [Read more...] about Will Transferring Your Home to Your Living Trust Cause Mortgage Hassles?
One of the benefits of having a Revocable Living Trust is the privacy it affords you when it comes to your estate plan. Not only does your Trust allow you to keep your property out of probate, and avoid “Living Probate” in the event that you become disabled, it also keeps your estate plan away from prying eyes. No Filing Requirements Unlike a Will, which has to be filed with the court at the … [Read more...] about Does a Trust Need to Be Filed in Court?
As you get ready to make a Revocable Living Trust, there are certain things you’ll want to consider. Here are a few of the things you and your estate planning attorney will discuss: Will you use individual trusts or shared trusts? Obviously, if you’re single, you’ll need an individual trust. And, most married couples opt for a shared trust. But, what about domestic partners or cohabiting … [Read more...] about Getting Ready to Make a Living Trust
Did you know that, if you have a Revocable Living Trust, you also need a will? How does this make sense, when a trust is designed to help you avoid probate, and a will is designed to be probated? The answer lies in the fact that, in order to avoid probate, your Revocable Living Trust has to be fully funded when you pass away. This means that all property owned by you in your individual name … [Read more...] about Do You Need a Pour Over Will?
When it comes time to establish your Revocable Living Trust, you’re faced with all kinds of decisions. One of the most important decisions is who to name as your Successor Trustee. After all, when you pass away, the property in your trust isn’t going to distribute itself. Here’s how to choose the right person for the job: Pick Someone You Trust: This is the most important concern – you won’t … [Read more...] about How To Choose a Successor Trustee
A Revocable Living Trust is an estate planning method for avoiding probate, among other things. When you establish a Revocable Living Trust, you transfer your assets to a Trustee, who will manage them on your behalf and, after you pass away, on behalf of your remainder beneficiaries. Your Trust Agreement is the document that establishes the trust and gives your Trustee instructions on how to … [Read more...] about What is a Revocable Living Trust?
If you need to make a change to your Revocable Living Trust; for example, naming a new Successor Trustee, or eliminating a single, specific provision, you’ll need a Trust Amendment. A Trust Amendment is a legal document that makes changes to certain parts of your Revocable Living Trust but leaves the rest of the provisions unchanged. If you want to make changes to your trust, it’s important … [Read more...] about How do I Change My Revocable Living Trust?