No two people or families are the same when it comes to their wishes for protecting their assets long term. However, many people’s common concerns in Florida can easily be addressed through estate planning. A revocable trust is a particularly helpful estate planning tool for a multitude of reasons.
When a revocable trust’s grantor passes away, the trust will continue on, carrying out his or her wishes. One of the main benefits of these trusts is that any property in them will bypass the process of probate when their grantors die. This means both financial and time savings for surviving family members.
Another reason why revocable trusts are commonly used is that they offer privacy. All assets that pass through probate become public record. However, a trust can keep a family’s estate affairs from being published in their local newspaper. Yet another reason for the popularity of revocable trusts is that they eliminate the need for several estate administrations in the event that a deceased person had property in multiple states. If trusts hold title to these properties, there will be no need for each state to open up its own probate estate for any property there.
Estate planning can certainly be overwhelming, and unfortunately, making a single mistake can be costly. However, an attorney can help asset owners to create trusts and draft other estate planning documents that reflect their wishes. The attorney’s ultimate goal in Florida is to make sure that the client’s best interests regarding his or her assets are upheld long term.