Creating a revocable living trust in Florida is a strategic move for anyone looking to manage their assets during their lifetime and streamline the distribution process after death. Unlike a Last Will and Testament, a revocable living trust offers privacy, probate avoidance, and flexibility. While it is always best to work closely with an experienced estate planning attorney during the creation process, the Vero Beach attorneys at Kulas Crawford & Smith explain six steps involved in creating a revocable living trust in Florida.
- Determine Your Goals and Assets. Before you begin drafting your revocable living trust, take some time to clearly define your goals. What do you want to accomplish with this trust? For example, are you aiming to avoid probate, protect privacy, or ensure smooth management of your assets in case of incapacity? Once you have a clear understanding of your goals, you need to inventory your assets. Include real estate, bank accounts, investments, personal property, and any other significant assets. This comprehensive list will serve as the foundation of your trust.
- Choose a Trustee. A Trustee is the person or entity responsible for managing the trust assets according to your instructions. As the trust’s creator, you will likely serve as the initial Trustee. However, you must also appoint a successor Trustee who will step in if you become incapacitated or pass away. Choosing the right Trustee is crucial, as this individual or entity will have significant control over your assets. You may choose a trusted family member, a friend, or a professional Trustee, such as a bank or trust company.
- Draft the Trust Agreement. Once your goals are set, and you have chosen a Trustee, the next step is to draft the trust agreement. Working with an experienced estate planning attorney ensures that the trust is properly structured and complies with Florida law.
- Sign the Trust Document. In Florida, the trust agreement must be signed in front of a notary public and two witnesses. The witnesses should be disinterested parties, meaning they are not beneficiaries of the trust. Once signed, the document becomes legally binding, but the trust is not yet funded.
- Fund the Trust. Funding the trust involves transferring ownership of your assets from yourself to the trust. Failing to fund your trust properly means that these assets may still need to go through probate, defeating one of the primary purposes of creating a revocable living trust. This is a critical step because if the trust is not properly funded, it may not achieve your estate planning goals. For example:
- Real Estate: You will need to create a new deed transferring ownership from yourself to the trust.
- Bank Accounts: Contact your financial institution to retitle your accounts in the name of the trust.
- Investments: Change the ownership of stocks, bonds, or mutual funds to the trust’s name.
- Personal Property: For valuable personal property, such as jewelry or art, you may need to create a bill of sale transferring ownership to the trust.
- Store the Trust Agreement Safely. Finally, store the original trust document in a safe place, such as a fireproof safe, and provide copies to your successor Trustee and attorney. It is also advisable to inform your loved ones of the trust’s existence and its location to avoid confusion and potential legal challenges after your passing.
Do You Have Questions about the Steps Involved in Creating a Revocable Living Trust in Florida?
To learn more, please join us for an upcoming FREE seminar. If you have additional questions or concerns about how to pass down your home or other estate planning questions, please contact an experienced Port St. Lucie estate planning attorney at Kulas Crawford & Smith by calling (772) 398-0720 to schedule a consultation.
Joshua K. Crawford (Josh) is the Managing Partner at Kulas Crawford & Smith, where he helps families navigate Estate Planning and Elder Law with clarity and care. A proud graduate of the Florida State University College of Law, where he finished in the top 8% of his class, Josh has guided thousands of families in protecting what matters most. He’s passionate about making the estate planning process simple, personal, and stress-free for every client... Read More!
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