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Tampa Revocable Living Trust Attorney
Retain Control and Plan for the Future

A revocable living trust is a powerful estate planning tool that provides flexibility, control, and peace of mind for individuals in Florida. At Knudsen Law, our
experienced Tampa attorneys specialize in helping clients create and manage revocable living trusts tailored to their unique needs. Here are the key aspects of
revocable living trusts in Florida:

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Tampa Estate Planning Attorney / Tampa Revocable Living Trust Attorney

Tampa Revocable Living Trust Attorney

A revocable living trust is a tool commonly used in Florida estate planning to let you decide who will receive your property after you die. Although you can also accomplish this with a will, that requires your property to go through a formal probate process that may last several months, even years. With a revocable living trust, in contrast, your property can effectively “skip the probate line” and go right to your chosen beneficiaries upon your death.

Revocable living trusts have a number of other advantages, as well as potential drawbacks. That is why you should always work with an experienced Tampa revocable living trust attorney. Knudsen Law is a full-service Florida estate and probate firm that assists clients in drafting, revising, and administering revocable living trusts as part of their estate plans.

With a revocable living trust, you maintain full control over the assets you place within the trust during your lifetime. As the grantor or settlor, you have the freedom to act as the trustee and manage the assets yourself or appoint a trusted individual or institution as the trustee, contact our skilled Tampa trust lawyers today.

The Basics of Florida Revocable Living Trusts

A trust is a written document whereby a grantor (or settlor) gives property to a trustee, who then administers that property on behalf of one or more beneficiaries. In the typical Florida revocable living trust, you can serve as your own grantor, trustee, and beneficiary during your lifetime. Since the trust itself is revocable, you are also free to add or remove property from the trust as you see fit without restriction. You retain effective ownership of the trust assets even though the trust is the formal, legal owner.

While this might seem like a formal distinction without substance, it actually matters when it comes to probate. Property titled in your sole name passes according to the terms of your will, or if you do not leave a valid will, according to the terms of Florida’s intestacy statute. Property titled in a trust, however, remains under the control of the successor trustee you name in the original trust document. The trust basically continues to function after your death, and your successor trustee can more easily carry out your instructions for distributing any remaining trust property.

Revocable living trusts can also assist you if you become incapacitated during your lifetime. As in the case of a death, a successor trustee can simply assume control of your trust. Without a trust, it might be necessary for a Florida court to appoint a guardian to take control of your property during your incapacity.

At the same time, a revocable living trust does not provide any significant protection against creditor claims. Since you remain the beneficial owner of the trust property, anyone with a civil judgment against you could seek to collect against the revocable trust’s assets.

Can a Revocable Living Trust Help Avoid Probate?

A trust is a document that transfers certain assets to a “trustee.” In a typical Florida revocable living trust, you are both the grantor–the person creating the trust–and the trustee. The trust is revocable in the sense that you are able to modify or terminate the trust at any point during your lifetime, assuming you are not legally incapacitated.

In effect, you can use a revocable living trust to manage your property while still retaining beneficial control over the trust’s assets. Since the property is titled in the name of the trust, however, it is not included in your probate estate after you die. You can also sign a “pour over” will transferring any remaining assets that may be in your probate estate to the trust after you die. Upon your death, a successor trustee assumes responsibility for the trust and carries out your instructions, which often means terminating the trust and distributing any remaining assets to your chosen beneficiaries.

Unlike probate, trust administration is a private matter. Your successor trustee does not need permission from the court to distribute the trust property. Nor does the trustee need to file a public accounting of the trust’s activities.

At the same time, it must be understood that a revocable living trust does not provide significant asset protection against creditor claims. In other words, if you owe someone money, they could seek to collect against assets in a revocable living trust. Similarly, a revocable living trust is not a tax shelter. You are still personally responsible for paying taxes on any income earned by trust assets. Trust assets may also be counted as part of your taxable estate for purposes of determining federal estate tax liability. If you are looking to use a trust for asset protection or tax reduction purposes, you may wish to consider one or more irrevocable trusts that can meet those needs.

One of the significant advantages of a revocable living trust is its ability to help you avoid the probate process. Upon your passing, assets held within the trust can be distributed according to your wishes, without the need for court involvement. This streamlined approach saves time, reduces costs, and ensures the privacy of your estate plan as it remains outside the public record.

Plan for Incapacity and Continuity

A revocable living trust also provides a mechanism for managing your assets in the event of your incapacity or disability. By appointing a successor trustee, you can ensure that your assets are effectively managed and utilized for your benefit without the need for court-appointed guardianship or conservatorship. This seamless transition of control allows for the uninterrupted management of your affairs and the preservation of your financial well-being.

Personalized Asset Management and Distribution

Within a revocable living trust, you can outline specific instructions for the management, investment, and distribution of your assets during your lifetime and after your passing. This includes designating beneficiaries, establishing trusts for minor beneficiaries or those with special needs, and specifying how your assets should be utilized to meet your goals and priorities.

Reach Out to Our Tampa Revocable Living Trusts Attorney

Creating an estate plan does not stop when you create a will. Indeed, there are many benefits to supplementing your will with a revocable living trust. While you might think that trusts are something that only the ultra-wealthy use, it is in fact a more common estate planning tool than you might realize. Discover the benefits of a revocable living trust and take control of your assets.

Trusts can offer a number of advantages over a simple will. A qualified Tampa revocable living trust attorney can explain the benefits–and potential drawbacks–to you so that you can make an informed decision. Knudsen Law is a full-service Florida estate and probate firm that assists clients in preparing, revising, and administering revocable living trusts as part of their broader estate plan. Our knowledgeable Tampa estate planning team at Knudsen Law will guide you through the process, ensuring your trust is properly structured and aligned with your specific objectives. Schedule a consultation today at (727) 398-3600 to discuss how a revocable living trust can protect your assets from probate and provide peace of mind for the future.

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Empower yourself with a revocable living trust.

Schedule a consultation today to discuss how a revocable living trust can protect your assets from probate and provide peace of mind for the future.

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