As a Palm Harbor estate planning attorney, I’m often asked, “Do I need a will or a trust?” While there isn’t a one-size-fits-all estate plan, I’ve seen how revocable living trusts can benefit families of all sizes and financial situations.
What Is a Revocable Trust?
A revocable trust is a legal arrangement where you (the grantor) transfer ownership of your assets into a trust. You can manage and amend the trust during your lifetime. Upon your death, your trust bypasses probate and manages the funds per your set conditions. This gives you much more control over your finances, even after you pass away.
Why Should You Consider a Revocable Trust?
Here are five reasons to consider a revocable living trust for your estate plan.
1. Avoid Florida Probate (When Properly Funded) and Its Pitfalls
Avoiding probate is one of the most significant benefits of a revocable trust. Probate in Florida can be a lengthy, public, and expensive process. With a properly funded revocable trust, you can bypass probate entirely while distributing your assets according to your wishes. The key word here is “properly funded.” Many people leave their lawyer’s office with a trust but never take the crucial next steps to fund it. When done correctly, a revocable trust can:
- Save your heirs from 6+ months of legal entanglements.
- Avoid costly fees that typically total around 6% of the estate value.
- Ensure your assets are distributed promptly and according to your wishes.
A revocable trust, notes a US Bank article, also ensures a seamless and straightforward transfer process for giving assets to heirs, avoiding the stress and hassle of probate.
2. Maintain Privacy
Did you know? In Florida, thanks to our Sunshine Laws, almost anyone can access most probate filings online or at the courthouse. A revocable living trust keeps your affairs private, protecting sensitive financial and personal information. This is especially important in today’s digital age, where privacy breaches can have far-reaching consequences.
3. Protect Against Incapacity
Here’s a sobering statistic: The Alzheimer’s Association reports that 6.9 million Americans over 65 are living with Alzheimer’s dementia, with symptoms potentially starting 20 years before diagnosis. A living trust provides a safety net if you become unable to manage your financial affairs due to illness or injury:
- Includes provisions for property management during incapacity
- Prevents expensive guardianship proceedings
- Protects your civil rights (Did you know guardianship removes these rights similarly to the criminal justice system?)
4. Provide Flexibility for Life Changes
A revocable living trust can be updated as your family, financial situation, or priorities evolve.
- Welcome new grandchildren or account for changes in relationships.
- Adapt to new goals, like charitable giving or education planning.
Sherri Stinson’s Palm Harbor team provides a personalized approach to ensure your trust remains aligned with your current and future needs.
5. Keep Control During Your Lifetime
Contrary to a common misconception, a revocable living trust allows you to retain full control over your assets during your lifetime. Think of it like wearing your three favorite baseball hats at once—you’re simultaneously:
- The person who created the trust (the “Grantor”)
- The person in charge of the assets (the “Trustee”)
- The person who can use them (the “lifetime beneficiary”)
Is a Revocable Trust Right for You?
If you’re in Palm Harbor and looking for ways to protect your family’s future, revocable trust attorney Sherri M. Stinson can guide you. Consider these questions to help you decide if a revocable living trust might be an option for you:
✅ Do you want to avoid probate?
✅ Are you concerned about privacy or incapacitation?
✅ Need control over decisions about your money and family?
✅ Concerned about heirs managing their inheritance?
✅ Own property in multiple states?
✅ Value privacy for you and your loved ones?
If you answered “yes” to any of these questions, a revocable living trust could be the right solution for you.
Speak with Attorney Sherri Stinson about Revocable Living Trusts
Protect your loved ones and secure your legacy with a customized estate plan. Request a consultation with Sherri Stinson, your trusted Palm Harbor estate planning attorney.
Source: Sherri Stinson: Why Choose a Revocable Living Trust? 5 Benefits to Having a Revocable Living Trust
