FAQs About Living Trusts In Florida
Living trusts are an important part of many estate plans in Florida. A living trust essentially acts as an intermediary between you and those you have named as beneficiaries. They are a conduit used during your lifetime and after you pass away. When considering making a trust part of your estate plan, you will likely have many questions. Below, our St. Petersburg trust planning lawyer answers some of the most frequently asked questions we hear.
Can I Act as the Trustee?
If you are currently competent and can handle your own financial affairs, you can act as the trustee of any trust you create. In fact, most people designate themselves as the trustee. If you are married, you and your spouse can act as co-trustees.
Can I Access the Property Placed in a Trust?
If you act as the trustee, you can manage the property within it on your own. You will have the right to save, spend, invest, or give the property away, just as you currently do. You can manage the assets and if at some point in the future the current terms of the trust no longer work for you, it is possible to modify or revoke it at any point without facing any penalties.
Do I Need a Living Trust if I Have a Durable Power of Attorney?
Many people do not think they need a living trust because they already have a durable power of attorney. Truthfully, though, financial institutions are hesitant to give anyone access to your assets except you. Even if your agent presents a valid durable power of attorney, they may face difficulty with the financial institution. On the other hand, if you have both a durable power of attorney and a living trust, it can make it much easier for your agent.
Are Living Trusts Public?
While your last will and testament will become a matter of public record, the same is not true for living trusts. Living trusts are private documents and so, they are not entered into public record. If you own real estate, the deed to the property should be part of public record but this is true whether you place the property into a trust or not.
Should I Put Real Estate in a Different State Into a Living Trust?
You not only can put real estate in a different state into a living trust, but you should. If you do not and you pass away, your loved ones will have to go through the probate process in each state you own property. If you place property into a living trust, though, it does not have to go through probate.
Our Trust Planning Lawyer in St. Petersburg Can Answer Your Questions
You may have a lot of questions when creating a trust, which is why you should always work with a St. Petersburg trust planning lawyer. At Legacy Protection Lawyers, LLP, our experienced attorneys are committed to making sure you understand every part of the process. We will answer your questions and provide sound legal advice according to what is best for you and your family. Call us now at 727-471-5868 or contact us online to request a consultation and to learn more.