You can set up a trust right now in Florida, and it will be known as a living trust. Under it, you can dictate who gets the assets that are put into the trust, when they get them, and other important details. Why would you want to do this?
For one thing, it gives you more control over your assets. You are able to dictate exactly how you want them to be distributed, and you are able to make sure that this happens. You may know that you want to leave your assets to your children, but a trust gives you full control over the specifics of how this is done.
Using a trust after you pass away can also increase how much your children are given by reducing the costs. If you have no trusts and no will, the assets may have to go through probate. This can take a long time, and it can be costly. There is no estate tax in Florida, so you don’t have to worry about that, but money from your estate may need to be used to cover the probate costs. If the money is in a trust, it avoids probate, so your children get it faster and they get the full amount.
Finally, a trust can help to eliminate any disputes after you pass away. Siblings will sometimes argue over a fair distribution of assets or disagree on what you would have wanted. With a trust, they know exactly what you wanted, and there is no room for discussion, so the process does not cause any emotional distress.
If you want to start a trust, make sure that you know what legal steps to take.
Source: Find Law, “Living Trust Information” Nov. 20, 2014