When would a Revocable Intervivos Trust be used?
If you wish to keep certain assets out of probate at your demise, transferring them to the trustee of your intervivos revocable trust will avoid probate. Since the assets are titled in the name of your trustee as trustee of your trust, they are not part of the probate estate (but would be counted as part of your estate for federal estate tax purposes). In the Revocable Intervivos Trust, the maker would be the Grantor, and could also name himself/herself to be the trustee, and name himself/herself to be the sole beneficiary during lifetime. The trust would designate a successor trustee to take over management upon the death or incapacity of the Grantor. It would designate the beneficiaries to receive the assets after the Grantor has died. Certain assets are not suitable for a revocable intervivos trust. Assets in IRA accounts and 401k accounts, due to income tax provisions are not suitable. If you transfer your principal Florida residence to a trustee, you give up the “homestead” protec
