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.

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.

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.

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• ARE MY ASSETS PROTECTED FROM CREDITORS IF I SET UP A TRUST
• Revocable Trust Vs. Irrevocable Trust: What’s The Difference
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• 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?
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• What Is A Special Needs Trust?
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• What Is A Trustee And Who Should Be A Trustee?
• What Is A Trust?
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• What are My Duties as a Trustee of a Trust?
• What is a Special Needs Trust?
• What is a Caregiver Trust?
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• 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