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Revocable Living Trusts in Boca Raton, Florida
A Will and a Trust comprise a comprehensive Estate Plan, allowing you to set the terms for managing your affairs after you pass away. However, Wills and Trusts have significant differences. A Revocable Living Trust, also known as a Revocable Trust or a Living Trust, is a legal document that manages assets during your lifetime and distributes them to your beneficiaries after your death.
At The Siegel Law Group, P.A. in Boca Raton, Florida, we understand how intimidating it can feel to prepare Wills and Trusts because it forces you to confront the possibilities of disability and death. Our knowledgeable and experienced attorneys are here to guide you through the process with compassion and consideration for your unique circumstances. We will review the benefits of a Will and a Trust to help you decide which approach suits your needs and goals. Contact us today to schedule a free consultation.
Key Takeaways Regarding Revocable Living Trusts in Florida
- Understanding how a Revocable Living Trust can help you and your loved ones protect and transfer assets
- The roles of grantor, trustee and beneficiary in a Revocable Living Trust
- Transferring assets into your Revocable Living Trust is an important step known as “funding” your trust
- How an experienced Estate Planning attorney can guide and counsel you to pursue an effective strategy and avoid missteps when preparing a Revocable Living Trust or other Trust types as part of a cohesive Estate Plan
Benefits of a Revocable Living Trust
The benefits of a Revocable Living Trust include:
- Flexibility in Choosing an Administrator: A Revocable Living Trust allows you to choose anyone as the primary administrator of property after your death, including unrelated persons and persons or companies located elsewhere.
- Avoidance of Probate Court: A Revocable Living Trust can help you avoid the lengthy and public process of Probate Court, managing the efficient transfer of assets to beneficiaries.
- Asset Management: A Revocable Trust provides ongoing asset management, allowing for seamless administration and organization of your assets during your lifetime and beyond.
- Privacy: A Revocable Trust offers privacy because it keeps your affairs out of Probate and enables quicker and more private settlements. Only the beneficiaries know the contents of the Trust.
- Incapacity Protection: A Living Trust can protect your assets in the event of your incapacity, providing a mechanism for a successor trustee to manage your Trust assets efficiently.
- Grantor Can Retain Control: A Living Trust can be revised or revoked during the grantor’s lifetime.
- Protection for Minor Children: A Living Trust can be used to manage assets for minor children should something happen to their Guardian.
Why Choose The Siegel Law Group, P.A
Our goal at The Siegel Law Group, P.A. is to help our clients and their families have better futures by addressing Elder Law concerns, preparing for life’s challenges through comprehensive Estate Planning and guiding personal representatives through the Probate process in Florida. We offer personalized solutions tailored to your needs while protecting your family’s legacy.
You can rely on our team to be here for you and by your side in the protection of your assets and interests:
- We often work with the family members of an elder seeking comprehensive planning for care, protection of assets and related considerations such as protection and distribution of assets in circumstances such as Probate.
- We take the important extra step of funding your Trust with your intended assets when we create your Trust, and we also routinely remind you in case you may have additional assets to fund.
- We do a review of your Estate Plan with you every three years, discussing any changes in relationships, finances or laws that may affect your plans or intentions.
- We educate our clients on bloodline planning to ensure children are in line for your assets when appropriate, preventing your assets from potentially being lost in divorces or blended family scenarios.
- Our firm conducts free post-death consultation and successor seminars to guide your family through the full process.
With over 22 years of experience, our esteemed Florida firm guides you through each step of the Estate Planning process and tailors a plan that prepares for your concerns, your needs and a legacy for your family. Hablamos español.
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What are the Crucial Roles in a Revocable Living Trust?
A Revocable Living Trust features three crucial roles:
- Grantor: The person establishing the Revocable Living Trust — also known as the settler — who has the power to revoke and amend the Living Trust.
- Trustee: The person who manages the Revocable Trust. When the grantor initially establishes the Trust, they are typically the trustee. When the grantor dies, resigns, or becomes incapacitated, the successor trustee assumes this duty.
- Beneficiary: The person(s) designated to accept the benefits of the Living Trust.
Upon the grantor’s death, the Revocable Trust becomes an Irrevocable Trust and the beneficiary changes from the grantor to the grantor’s chosen beneficiaries.
Critically, the grantor names a Successor Trustee during the establishment of the Trust to enable that individual to assume the role of trustee when the original trustee passes away or becomes unable to serve due to incapacity.
Funding a Revocable Living Trust
Once you establish a Living Trust, the next step is to fund it by transferring your assets. You can transfer many assets into a Revocable Trust, including:
- Real Estate: These assets could include residential properties, vacation homes, rental properties and any other real estate holdings.
- Bank and Investment Accounts: Savings accounts, checking accounts, certificates of deposit (CDs), stocks, bonds, mutual funds and other types of investment accounts can be transferred into a Revocable Living Trust.
- Business Interests: If you own a business or have ownership interests in partnerships or corporations, you can transfer these into the Living Trust.
- Personal Property: Assets such as vehicles, valuable personal belongings, artwork, jewelry and other tangible possessions can also be included in the Living Trust.
- Intellectual Property: Rights to patents, trademarks, copyrights and other intellectual property can be transferred into the Living Trust.
- Life Insurance Policies and Annuities: These financial instruments can form part of the Trust’s assets.
Once the grantor funds the Living Trust, the trustee can access and manage all of Trust assets as if they were in the person’s name, including buying property or selling property, withdrawing money from bank and brokerage accounts in the name of the Trust and other actions.
As the name suggests, a Revocable Living Trust can be amended or revoked by the grantor during their lifetime. An Irrevocable Living Trust, on the other hand, cannot be altered or amended once established. Whether a Revocable Trust or an Irrevocable Living Trust is better for you depends on your unique circumstances and goals. Consult a knowledgeable and experienced Estate Planning attorney, who can recommend the right tool for you and your family.
Do I Need an Attorney to Create an Estate Plan in Florida?
While there is no legal mandate to hire an Estate Planning attorney in Florida, consulting a knowledgeable and experienced attorney can facilitate the process, tailor an Estate Plan that suits your needs and goals and work to ensure compliance with state laws.
Estate Planning involves complex legal and financial considerations, such as drafting Wills and Living Wills, establishing Trusts, creating Powers of Attorney and addressing Health Care Directives. An attorney can guide you through these matters with personalized solutions while navigating potential challenges. They can help you maximize tax efficiency, preserve assets and safeguard the interests of your beneficiaries by making sure they take possession of the assets intended for them.
Contact Us below or Complete Our Online Form
Call Us Today
(561) 955-8515
Contact Us below or Complete Our Online Form
Call Us Today
(561) 955-8515
The Siegel Law Group, P.A. Offers Protection for Your Loved Ones, Peace of Mind for You
With over 100 years of combined experience, The Siegel Law Group, P.A. in Boca Raton, Florida wants to guide you through every step of the Estate Planning process. Our dedicated Estate Planning attorneys help South Florida families, seniors and their loved ones prepare for the future.
Let us help you put your financial affairs in order and plan for your future with a comprehensive Estate Plan based on your needs, desires and circumstances. We also understand the many changes that take place over one’s lifetime, which is why we review our clients’ Estate Plans every three, six and nine years.
Whether you need a Living Revocable Trust or another Trust instrument, a Will, a Power of Attorney or a Health Care Directive, we are here to assist you. Contact us at (561) 955-8515(561) 955-8515 or complete our online form to schedule a complimentary consultation.
The Siegel Law Group, P.A. ~ Reviewing Estate Plans with our Valued Clients Every Three, Six and Nine Years to Keep Pace with Life’s Inevitable Changes.
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Areas We Serve
At The Siegel Law Group, our mission is to be your law firm for life… and beyond.
We help with Estate Planning, Elder Law and Probate & Trust Administration.
Serving clients in Boca Raton, Deerfield Beach, West Palm Beach, the Tri-County Area of Palm Beach County, Broward County Miami-Dade County — and throughout South Florida:
- West Palm Beach, Florida
- Miami, Florida
- Aventura, Florida
- Fort Lauderdale, Florida
- Boca Raton, Florida
- Palm Beach Gardens, Florida
- Coral Springs, Florida
- Coral Gables, Florida
- Plantation, Florida
- Naples, Florida
