A comprehensive estate plan is essential. While most people in Florida understand that they need a will and maybe a power of attorney or two, not everyone realizes what a trust can do for them. Some trusts can be either revocable or irrevocable, which provide different benefits depending on what a person needs most.
As their name suggests, revocable trusts can be revoked. Commonly referred to as living trusts, they can also be changed, altered or modified as needed. This is useful for individuals who think they may need to remove their property from the trust at some point in the future. Assets in a revocable trust can also be distributed to heirs without needing to go through probate first.
An irrevocable trust cannot be revoked, altered or changed in any way once it is created. After transferring property into the trust, it cannot be removed, even if the person who created the trust wants to change things up. This may be a good choice for individuals who want to protect their assets from heirs and other family members, but still want them to benefit from their use.
Avoiding probate is one of the biggest reasons Florida residents choose to create trusts. The process of establishing a trust involves transferring property or other assets into a trust, and assigning a trustee to monitor it and establish benefits as needed. However, figuring out which trust best suits an individual's needs is not always straightforward, so many people choose to consult with an experienced counsel who can provide guidance on the matter.