Why a revocable trust might be right for you and your family

| Jul 9, 2019 | Probate & Trust Administration

It is simply true that the vast majority of people who have accumulated substantial financial assets in Brevard County did not do so by accident. Rather, they worked hard, saved, invested wisely or ran a successful business.

It is also no accident that when they want to protect their families and assets, they sit down with an estate planning attorney to create a revocable living trust.

What is a revocable living trust? It is a document you and your estate planning lawyer create to manage your assets during your life and then distribute them after you pass on. The person who makes the trust is known as the trust-maker (or “grantor”) while the person who manages the trust is known as the trustee. In many cases, the trust-maker and trustee are the same person, though another person, trust company or bank can also be named trustee.

Most revocable trusts allow the trustee to withdraw money and assets from the trust in any amount and at any time. The terms and beneficiaries of the trust can be modified (or the trust terminated) except in cases of incapacitation.

In fact, this brings us to one of the primary reasons Florida residents establish revocable living trusts: for protection in case of incapacitation. So you – and not a court-appointed guardian – decides how your assets will be managed when you are unable to manage them yourself.

Contact a Cocoa estate planning attorney to discuss in further detail how a revocable living trust can protect you, your assets and your family.