Revocable Living Trusts: Pros and Cons
A revocable living trust can be an effective, efficient estate planning tool. Many people and families in Florida opt to include a revocable trust as part of their estate plan. With that being said, it is not the right solution for every situation. At Fisher & Wilsey, P.A., we want to make sure that you have the knowledge and tools that you can use to protect your interests. Here, our St. Petersburg revocable living trust attorney provides an overview of the pros and cons.
Three Pros of a Revocable Living Trust in Florida
1. Easy to Set Up
Trusts can be complicated, but revocable living trusts are not. Indeed, creating a revocable living trust in Florida is a straightforward process. With proper guidance and support from a St. Petersburg estate planning lawyer, you can draft the document, fund the trust with your property, and retain full control. They are not expensive.
2. Can Be Changed
Another major advantage of revocable living trusts is that they can be modified or revoked at any time while you are alive and competent. In other words, you retain control. If your financial circumstances change, if you buy or sell assets, or if your family situation shifts, the trust terms can be updated. The flexibility ensures your estate plan reflects your current needs.
3. Avoid Probate
Trusts avoid probate. Property placed in a revocable living trust does not pass through Florida’s probate process. Instead, assets are distributed directly to beneficiaries, saving time, legal fees, and court oversight. Avoiding probate in Florida can be a big benefit for you and your family.
The Big Con of a Revocable Living Trust in Florida
1. No Real Asset Protection
Trusts can be very effective asset protection tools; but that is not trust of revocable living trusts. Indeed, the most significant drawback of a revocable living trust is that it offers no real asset protection. Because the trust remains under your control during your lifetime, the law treats the assets as if they are still yours. In other words, creditors can reach into the trust to satisfy judgments or debts, and the assets may also be subject to divorce claims or other legal actions. In short, while a revocable living trust is effective for probate avoidance and flexibility, it does not shield your assets from any of the risks associated with aging. If you need asset protection, a St. Petersburg estate planning lawyer can help you find the best solution.
Call Our St. Petersburg Revocable Living Trust Attorney Today
At Fisher & Wilsey, P.A., our St. Petersburg estate planning attorney has extensive experience with revocable living trusts. If you have any questions about setting up a revocable living trust, we can help. Contact us today or your completely confidential, no obligation initial consultation. It is our mission to help you achieve your estate planning goals. With a law office in St. Petersburg, we provide estate planning representation in Pinellas County and beyond.
