What Assets Can be Named in a Trust?
Video Summary
What assets can you include in your trust? Well, there are a precious few assets that I can think of that cannot be titled in your trust. The only time that you would not be able to title an asset in a trust is if whoever is issuing a particular titled security or asset refuses to allow it to be titled in the name of the trust. But, titling it in the name of the trust is really a misnomer. You title trust assets in the name of the trustee rather than in the name of the trust. So, assets would be titled as, “John Doe as Trustee of the John Doe Revocable Trust, dated October 24, 2011.”
You do not want to just title it as, “The John Doe Revocable Trust” or, “The John Doe Trust.” Likewise, you don’t want to title your assets as, “John Doe as Trustee.” The Florida statutes, as far as real property is concerned, states if you title assets as, “John Doe as Trustee,” they consider it individual asset. The trust must be identified. However, the assets should be titled in the name of the trustee of an identified trust. The biggest problem with people setting up revocable trusts is that they don’t retitle their assets in their name as trustees under their trust. So, they don’t get the benefit of the revocable trust, which is usually to avoid probate.
One other reason many people transfer their assets into a trust is that they believe it will protect those assets from creditors. Your assets that you transfer into a revocable trust are not protected from your creditors. If you set up an irrevocable trust, meaning a trust that cannot be changed, and you do not exercise control and dominion over those assets, then those assets could be protected from your creditors, provided that you’re not doing it for the purpose to evade your creditors. So, if you’d like to set up an irrevocable trust or to fund your revocable trust, give me a call at (727) 847-2288. I’ll be glad to assist you. Thank you.
Should I Have a Revocable Trust?
Video Summary
Should I have a revocable trust? Well, many people contact me and ask about having a revocable trust prepared, and I always ask them, “Why do you want a trust?” And the usual answer is, “Well, we wish to avoid probate.” If you have a functional family wherein you’re still on your first marriage and you want your inheritance to simply go to your children, then I don’t usually recommend a revocable trust for the purposes of avoiding probate, since if you hold property as husband and wife then you avoid probate when the first person passes away. If you’re by yourself, however, then you may want to consider drafting a revocable trust.
There are also other circumstances such as second marriages or if you have a child that has special needs that you need to set up a trust for. Also, if you have a child that has a spending problem, cannot manage money, we can set up a trust to protect whatever inheritance you leave behind. Also, something that we’re seeing more and more is grandparents want to provide for their grandchildren. Possibly their children already have enough money or they want to take care of their grandchildren, since they don’t know whether their children will be able to take care of the education of their grandchildren. So there are any number of reasons to set up a revocable trust.
Whether you need a trust or not, or whether you should set one up depends upon your circumstances. So if you’d like to come in and talk about setting up a revocable trust, give me a call at 727-847-2288. Thank you.
How Can I Set Up a Trust for my Grandchildren?
Video Summary
You can set this trust up in your will and that’s called a testamentary trust for your grandchildren. Another way to do it is just set up a living trust, also called a revocable trust, and provide for your grandchildren in a revocable trust or your living trust. However, if it is for a very small amount you may want to consider setting up something on the Florida College Prepaid College Program and there is another way to set this up so the grandchildren receive the account when they are age 21 by setting up an account in your name as custodian under the uniform transfers to the minors act and the account is held until such time as the minor reaches the age of 21. And if you pass away they can petition to have another custodian appointed such as your child or you can put it in their parents name to hold for them until they are 21 years of age. If you would like to do a trust or some estate planning for your grandchildren give me a call at (727) 847-2288.
What is a Living Trust?
Video Summary
A Living Trust is a document signed during someone’s life that generally makes legal provision for the way his or her assets are to be used during the individual’s life time as well as for who is to receive those assets upon his or her death. A will, on the other hand, does not take effect until a person passes away. Either document can be modified at any time during the person’s lifetime. Many choose to set up a trust because it is not subject to the probate process after the individual’s death. It is also important to note there there are revocable and irrevocable trusts.
Trusts Video Index
- What are the Responsibilities as a Trustee of a Trust?
- How Long Will It Take to Create Estate Planning?
- When Someone Passes, What Happens to Their Bank Account?
- What are the Responsibilities as a Trustee of a Trust?
- Even If I Have a Will, Should I Still Consider a Living Trust?
- Why Would a Trust Be a Bad Idea?
- I Place My Assets In a Trust Are They Protected From My Creditors?
- What Is a Life Insurance Trust?
- What CANNOT Be Held in Trust?
- What Are the Benefits Of Having a Life Insurance Trust?
- What is the Difference Between a Supplemental Trust vs Special Needs Trust?
- Does a Living Trust Avoid Estate and Probate Taxes?
- Can I Use My Mother’s Power of Attorney, After Her Death to Closes Her Bank Account?
- What Laws or Other Factors are Considered When Distributing Assets Within the Trust?
- What Information Do You Share About Me With Other Beneficiaries?
- What Laws Or Other Factors Are Considered When Distributing Assets Within The Trust?
- Who Else Has Access to The Trust?
- Which Is Better To Have A Will Or A Living Trust?
- Are My Assets Protected If I Place Them In A Trust?
- Will My Assets Be Protected From Creditor Claims, If I Place Them In a Trust?
- What Is A Testamentary Trust
- How Can I Help My Kids Not Spend Their Inheritance After Turning 18
- ARE MY ASSETS PROTECTED FROM CREDITORS IF I SET UP A TRUST
- Revocable Trust Vs. Irrevocable Trust: What’s The Difference
- What Is a Testamentary Deposit Account
- Does Revocable Trust Need a Bank Account
- Why Would I Need to Open a Trust Account
- What Are the Drawbacks of a Living Trust?
- If I Have a Living Trust, Should I Also Have a Will?
- Who Should I Choose as Trustee of My Trust?
- Can I Use My Parents Power of Attorney to Transfer Their Trust Assets?
- When Do My Responsibilities Start as a Trustee?
- Is There a Minimum Value Required To Establish a Trust?
- What Plans Can I Make For My Pets In The Event Of My Passing?
- Should Homestead Property Be Held in a Living Trust?
- May A Trustee Sell Assets Without the Knowledge of the Beneficiary?
- What Can My Special Needs Trust Pay For That Will Not Affect My Disability Payment?
- What Is A Qualified Income Trust?
- What Is A Special Needs Trust?
- Will You Avoid Probate With A Trust?
- What Is A Trustee And Who Should Be A Trustee?
- What Is A Trust?
- Do You Need A Lawyer To Administer A Trust?
- Ask Jaleh: What Is A Miller Trust?
- Ask Jaleh: Who Controls the Money In A Special Needs Trust?
- What Is A Joint Trust And Can I Establish One?
- Does a Designated Trustee Need to Hire a Lawyer?
- What are My Duties as a Trustee of a Trust?
- What is a Special Needs Trust?
- What is a Caregiver Trust?
- Does a Trust Protect My Real Estate From Creditors?
- Should I Put My Homestead Property In My Revocable Trust?
- Do You Understand Your Trust?
- Ask Thomas Mitchell: Is My Trust from Another State Valid in Florida?
- How Often Should I Update My Trust?
- What Assets Can be Named in a Trust?
- Should I Have a Revocable Trust?
- How Can I Set Up a Trust for my Grandchildren?
- What is a Living Trust?
- Trusts Video Index