Planning one’s estate in Miami-Dade can be a complicated and confusing process. First, a person or couple must decide on who their heirs will be. Then decisions need to be made regarding what each beneficiary will receive and whether to decree money to any charities. After these decisions, a will is generally drawn up but even then, it is uncertain whether the directives will actually be carried out after the person has died.
One option that people may want to consider is the setting up of a revocable trust. These living trusts bypass the probate stage and ensure that people receive their inheritance and that a person’s wishes are fulfilled. There are many advantages for using a revocable trust in estate planning. For instance, these kinds of trusts offer flexibility, are less costly to prepare, speeds up the estate administration process and do not have to be recorded with the court.
With a living trust, a person has the power to determine how their heirs receive their inheritance. For example, if a parent has a child who requires constant medical care, the parent can set the trust up so that it provides that financial support. A trust also makes it difficult for anyone who has been excluded from the estate to challenge it, since the trust is not required to be made public by law.
As with all options in estate planning, a revocable trust requires considerable thought and preparation. It is important to make sure that the trust achieves the goals of the person setting it up. In such cases, it may be a good idea to seek help from an experienced attorney.
Source: TC Palm, “The advantages of a revocable living trust,” Robert Schwartz, Dec. 10, 2013.