The true advantage of having a revocable trust attorney in Florida is that he can help guide you through the entire process. Probate attorney on the Treasure Coast Florida Jon L Martin has decades of experience dealing with estate planning. An important note is a revocable or “living trust” is frequently sought after as a means of avoiding probate and saving taxes upon death. The revocable trust effectively performs certain functions that a will cannot. However, it will be necessary to compare the advantages of revocable and irrevocable trusts when deciding which estate planning tool will benefit you. Call our Florida estate planning attorney today to go over your options!

The revocable trust is a trust document or agreement that is created by you to manage your assets during your lifetime and distribute the remaining assets after you pass away. As the trust-maker, you are referred to as the “grantor” or “settler.” The person who has been appointed to manage the trust assets is called the “trustee.” You can serve as your own trustee during your lifetime, or you may appoint another person, a bank, a trust company or trust attorney to serve in this capacity.

The reason why the trust is called “revocable” is because you can modify or amend or terminate the trust during your lifetime as long as you are of sound mind and not physically or mentally incapacitated.

With the revocable trust, during your lifetime the trustee invests and manages the trust property. In most trust agreements after working with a revocable trust attorney, the grantor is allowed to withdraw money or assets from the trust whenever they want and in any amount. However, should you become incapacitated, your trustee is authorized to continue managing the trust assets, pay your bills and make investment decisions on your behalf. One benefit of a revocable trust is that it may avoid the need for a court-appointed guardian of your property should you become incapacitated. Jon L Martin, the revocable trust attorney in Port St Lucie and Palm City will be glad to go over your questions, Call 772-419-0057 for a free consultation!

Port St Lucie and Palm City, Florida

Once you pass away, the trustee or the successor trustee (when you were the initial trustee) will be responsible for paying all claims and taxes, and from there distributing the remaining assets to the beneficiaries named in the trust document. The trustee must formally transfer assets such as bank accounts, real estate and investments prior to your death in order to maximize the benefit of the trust.

Any assets that are not properly transferred to the trust may be subject to probate proceedings. There are certain assets that should not be transferred to a trust since it can result in unwanted income tax complications; therefore, it’s important to consult with a Trust Attorney in Port St Lucie or Palm City, Jon L. Martin to discuss the advantages of the different trusts available to you.

Contact Trust Attorney in Port St Lucie and Palm City, Florida for a free consult for your revocable trust, estate planning or probate needs, 772-419-9660!