Legal Question in Wills and Trusts in Florida

Re: living trust

If the amount is small and you trust his ability to manage it you do not need a trust.

Re: living trust

The quick answer is that it really depends on your assets and what you are trying to accomplish. A trust allows the assets in it to bypass probate; SORT OF. For instance, the beneficiaries of the trust can get the assets right away without having to wait for the end of administration, if that's what is provided in the trust. It doesn't provide as much detouring as one might think, however. Also, a revocable trust is part of the assets counted in the elective estate for purposes of calculating the elective share if that's what the surviving spouse desires. There is less court overseeing iniatially but there can be more later on. And, you cannot avoid the reach of creditors with such trust if the rest of the estate is not enough to cover outstanding debt. There can also be problems when including the homestead in the trust.

The bottom line is that is that few people actually need a revocable living trust. You should consult an attorney to discuss your particular situation as every family has its own particular needs and preferences.

Finally, as the trustee, you are basically responsible for seeing that the assets are adequately managed and preserved and that the beneficiaries' interests are protected.

Best.