Living trusts are often used in Florida as an effective and useful estate planning tool. Also known as a revocable trust, this can often help avoid the need for dealing with a Probate Court. With Florida’s probate system as challenging as it is, this is often an attractable alternative.
Unlike a will, which is only used after a death, a living trust allows you to appoint someone to handle your business affairs in the event you become incapacitated, thereby minimizing the possibility of guardianship and court involvement in your personal affairs. The trust gives the right to someone, and you can be that someone, the right to control assets given the current terms and conditions.
You can also add a beneficiary. The beneficiary will not receive anything while the grantor is still alive.
When one has a trust, it can be ended or changed at any time during the owner's life. This means that the owner may buy and or sell their property without it causing any damage to their personal income taxes.
Make sure you are aware of all the benefits you get when making a living trust in order to get the most out of your money and your property.