In Florida, a revocable living trust holds assets for the benefit of designated individuals. During the grantor’s lifetime, the grantor retains control and ownership, acting as both trustee and beneficiary. This arrangement allows for seamless management and access to the trust’s assets. For example, the grantor can buy, sell, or mortgage property held within the trust without court involvement, much like owning the property outright.
This type of trust provides significant advantages, particularly regarding probate avoidance and asset protection during incapacity. By transferring ownership to the trust, the assets bypass the often lengthy and costly probate process upon the grantor’s death. Additionally, if the grantor becomes incapacitated, a successor trustee, pre-determined by the grantor, seamlessly steps in to manage the trust assets without court intervention. This continuity of management can be crucial for protecting the grantor’s financial well-being. Historically, trusts have been valuable tools for estate planning, offering flexibility and control beyond traditional wills.
