What is a Revocable Living Trust and should I create one?
There is a big movement in Florida to sign people up for Revocable Living Trusts. These documents can be helpful in certain situations, but have downsides too. If a Living Trust is created for you, you convey all of your property, stocks and possessions to a trustee (while you are living, the trustee is typically you) for your benefit during your lifetime. Because it is revocable, you retain the ability to cancel the trust at any time and get your property back. Trusts are fashioned in such a way that when you die, the successor trustees can step into your shoes and can pass the assets of your estate to the beneficiaries itemized in the trust without needing probate proceedings. Once you create a Living Trust, you must transfer all your assets from your name to the trust’s name, a sometimes complicated process. However, for some, the benefits of not going through probate outweigh this inconvenience. There are myths about living trusts that many people come to my office having heard. He
