A revocable trust allows you to transfer all or part of your assets during your lifetime. One of the advantages of a revocable living trust is that you retain the power to remove or sell the assets and to change or revoke the trust at anytime. A revocable trust provides for the management and distribution of your assets during your lifetime and even after your death.
A revocable trust is often promoted as a means of avoiding probate and saving taxes at death. Some of the pros of having a revocable trust are: 1) that the revocable trust usually provides for a seamless and faster transfer of decision-making and asset management power in the event of your incapacity or death, and 2) a revocable trust avoids the time and expense associated with the probate process. However, you should take into consideration that the legal fees of setting up a trust are generally higher than those for just having a will.
Protect yourself, your family, and your wealth from difficult situations by
setting up your trust or your will and testament. Contact our team of South Florida estate planning and probate attorneys at LOIGICA today for more information on any estate planning issue.