Preparing for the end of your life isn’t the most enjoyable task, but it’s necessary nonetheless. If you have a last will and testament, then you have made one very important step toward protecting your assets once you pass. However, there are other efforts that can provide even more protection, such as a revocable living trust administered by a Tampa probate attorney.
What Is a Revocable Trust?
A revocable trust relates to directing your property to the person of your choice upon your death. It is different than other trusts, because it can be changed and adjusted as you wish throughout your life. There are a number of benefits that come along with a revocable living trust, particularly the ability to bypass probate.
Even when a deceased person leaves behind a will, his family still needs to go through the probate process to officially transfer and distribute assets as outlined in the will. Probate tends to be time consuming, expensive, and generally unpleasant, so families are more than happy to bypass the entire process using a revocable will. As another perk, a revocable trust minimizes the chances of a court dispute over property distribution.
Creating Your Trust
When you create your revocable living trust, you and a notary both need to sign it. Along with the other critical information, be sure to include the property being addressed, your name, and the name of the person who inherits your property when you die. There is also often a need for a trustee, a separate person who is responsible for taking care of the property. You may take care of the property yourself while you are alive, but if the person inheriting your property cannot care for it immediately, a trustee must take over after your death.
It is wise to obtain legal advice from a Brandon probate attorney while creating your revocable living trust, that way you can ensure that no problems will arise after your death. You want the transition for your family to be as smooth and simple as possible.