A trust can be a very important component of a Florida resident’s estate plan. There are a lot of different kinds of trusts, whether they are revocable or irrevocable, and they can be tailored to suit the unique situation and goals of a particular individual. A lot of individuals come to Mitchell Kitroser wanting to know what type of trust is best for them, and we are happy to help them with this process.
When you hear the term trust, most Florida residents are talking about a revocable trust. A revocable trust is typically used to replace an individual’s will. Revocable trusts can be changed and modified at any time during an individual’s life. Best of all, the trust creator will continue to have access to his or her funds through the remainder of his or her life.
Revocable trusts have several distinct advantages over wills. For one, they eliminate the probate process because they allow for a smooth transition of one’s assets to designated heirs in the event of incapacitation or death. Because of this smooth transition, the delays and costs that happen with probate proceedings can often be avoided through a revocable trust document. They are very malleable and can be revised whenever the trust creator wishes.
A revocable trust may not be for everyone, but they can be very helpful to the people who need them. At Mitchell Kitroser, we look forward to speaking with you about your estate planning needs and determining if a trust is right for you. We will also help you identify the type of trust and the trust organization method that will be the most effective to achieve your goals.