ESTATE PLANNING IN MIAMI BEACH, FLORIDA -WHEN DO I NEED A REVOCABLE TRUST?
A revocable trust is a document that appoints a successor trustee to manage and distribute assets to beneficiaries after the owner’s death according to the owner’s wishes. It can be changed at any time or many times. A revocable trust uses the person’s social security number during life and there are no extra taxes. A revocable trust is needed when you have assets in your sole name, young children as beneficiaries, or specific wishes regarding the distribution of assets to your loved ones. Thus, most people with assets, will benefit from creating and funding a trust.
HOW DO REVOCABLE TRUSTS WORK?
Revocable trusts are completely private and can be managed and distributed privately as well. If done correctly, there is no court supervision nor a probate court case required. Probate court involvement can be restrictive as a Judge makes all the decisions, plus it is costly and time consuming. On average, a probate case takes from six months to a year. Trusts are like buckets, you fill them with your assets during life so that they can be managed and privately distributed upon your death.
WHAT IS MY ROLE AS TRUSTEE? WHO IS MY SUCCESSOR TRUSTEE?
Most owners choose to be the first trustee and run the trust as long as they are alive and competent. Upon their incapacity or death, a successor trustee takes over and manages the trust. The successor trustee should be trustworthy and a financially responsible person with good judgement. You may choose to nominate a bank or financial institution to monitor your trust; these usually come with high fees and a minimum monetary requirement.
HOW DO I FUND MY TRUST SO IT IS EFFECTIVE UPON MY DEATH?
All assets are handled differently with regards to funding the trust. Real estate is transferred to your trust with a deed. Bank and investment accounts are transferred to the trust using the institutions required paperwork. LLC and corporate shares are transferred through certificates or transfer documents.
WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach with over twenty-six years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Broward County and Miami-Dade probate court system and know how to get things done. Additionally, because I do both estate planning and probate law, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach Estate Planning, Wills and Trusts and Miami-Dade County Probate matters. I am happy to help you and your loved ones during this important process.