Why Trusts Are Key to Avoiding Probate

A trust is a legal arrangement where you transfer ownership of assets to a trustee to manage on behalf of your beneficiaries. You, as the Settlor/Grantor of the Trust, can be the initial Trustee and name a successor Trustee in the event of your death or incapacity. Unlike wills, assets in a trust bypass probate because they are not part of your probate estate.

Trusts offer:

• Privacy: Trusts are not public records, unlike probate proceedings.

• Efficiency: Beneficiaries can access assets immediately after your passing.

• Control: You set clear terms for how and when assets are distributed.

The Best Trust to Avoid Probate: Revocable Living Trust

The revocable living trust is widely considered the best trust for avoiding probate in Florida. Here’s why:

1. Flexibility

   • You maintain full control over the trust during your lifetime. You can add or remove assets, change beneficiaries, or dissolve the trust entirely. It is quite easy to do a restatement of trust changing the terms of your trust.

2. Probate Avoidance

   • Assets titled in the name of your revocable living trust are not subject to probate, ensuring a smooth and efficient transfer to your heirs. You can also name your trust as a beneficiary of your assets thereby avoiding probate.

3. Comprehensive Coverage

   • A revocable living trust can hold a wide range of assets, including real estate, bank accounts, investments, and personal property.

4. Continuity of Management

   • If you become incapacitated, the successor trustee you name in the trust can step in to manage your assets without the need for court-appointed guardianship.

How to Fund a Trust

To fully benefit from a revocable living trust, it must be properly funded. This means transferring ownership of your assets into the trust. Common assets to include:

• Real Estate: Transferring the title of your home in St. Lucie County into the trust ensures it bypasses probate.

• Bank Accounts: Designate the trust as the owner of checking and savings accounts.

• Investments: Stocks, bonds, and other financial assets can also be held by the trust.

• It is essential to properly fund your trust. Over the years, we have seen that many individuals form trust but fail to property fund their trust. That's why, The Siegel Law Firm's "TRUST" Process helps our clients ensure their trust is correctly done and properly funded ensuring a smooth, less costly transition after their death.

Why Work with The Siegel Law Firm, PA?

At The Siegel Law Firm, PA, we understand the unique needs of families in St. Lucie County. Our team provides personalized estate planning solutions to help you avoid probate and protect your loved ones.

Here’s what we offer:

• Expert guidance in creating and funding revocable living trusts.

• Comprehensive estate planning services tailored to Florida laws.

• Assistance with other probate-avoidance strategies, such as beneficiary designations and homestead planning.

Start Planning Today

Avoiding probate starts with the right trust and a solid estate plan. Let us help you secure your family’s future and ensure a smooth transfer of your assets.

Contact The Siegel Law Firm, PA today at (561) 743-4001 or visit www.ServingYourLegalNeeds.com to schedule a consultation.