The father lives in Florida and his sons live in New Jersey. They recently wrote to a local paper to ask if their father should create a living trust in order to avoid probate when he passes and to ensure that his house passes to his offspring.
The newspaper responded that it makes sense for the son to ask his question of a Florida estate planning attorney familiar with Sunshine State law.
An attorney who responded to the letter stated, “The question of whether the father’s house should be placed in a living trust should be answered by a Florida attorney because of Florida law pertaining to the transfer of homesteads into revocable living trusts and the time period for creditors to file claims upon the death of the father when a will is not probated.”
As you can see, these matters can quickly become very technical and start to overflow with legal jargon. However, in general a revocable living trust enables a person to remain in control of their assets during their lifetimes. So the Florida dad could put the house into a properly drafted revocable living trust and be in control of his property.
And in the document, he can designate someone to manage the assets if he becomes incapacitated. When he passes on, the assets would be efficiently transferred to his sons according to his wishes.
In order for the living trust to function, assets will need to be transferred to it, but because it’s revocable, you can change your mind about how those assets are managed and transferred. Discuss these matters with an experienced Broward County estate planning attorney who knows how to protect you and your family.