A living trust is especially useful if you own real estate in more than one state. The general rule is that properties are inspected where they are. Owning real estate in more than one state will result in one primary estate administration in the state of your legal residence and another (called “auxiliary administration”) in each additional state in which you own real estate. However, since no estate is required for trust ownership, you can bypass lateral management by transferring your non-state real estate to a living trust. This will help you avoid the probate court, because when you die, the property is no longer under the name, but in the name of the revocable trust. Succession is a legal procedure for the administration and administration of the estate of a deceased person. A court appoints and supervises a responsible person or trust, usually designated by you in your will, who manages and distributes the assets. If you have a will, the designated person is called an “executor”; if you do not have a will, the designated person will be called an “administrator.” In Illinois, in many cases, a simplified version of the estate called independent administration is available, but your attorney may still have to appear in court. The estate has standard procedures for the correct payment of claims and the distribution of assets, which can shorten the time for creditors to make claims against the estate.

Not everyone is able to fund their living trust immediately after it is founded. Even if you don`t fund the living trust during your lifetime to avoid guardianship procedures and estate, your living trust can still function effectively as your estate plan if you sign a “payout” will that distributes your estate assets to your living trust upon your death. If someone were to look at your will at the courthouse, they would only know that your will left your property in the trust. If a minor child inherits from your Living Trust, you can appoint someone to manage the property for them until they reach the age of majority or the age you have chosen. In both cases, the person you appoint to your trust as the successor trustee will take over. If you die, the successor trustee can distribute the assets of the trust according to your wishes without having to go to the probate court to approve the distribution. If you become incompetent, the successor trustee can manage the property in your favor without having to go to court for a conservatory and without ongoing judicial review. Keep in mind that naming the beneficiaries of your living trust is a completely different process than naming them on your insurance policies or retirement or savings accounts. If you have a child with special needs, or if you intend to receive your inheritance for someone who receives Medicaid or state benefits, you must establish a revocable Florida Living Trust with an integrated Special Needs Trust. The first half of the Living Trust checklist below will help you make sure you have what you need before you start paperworking. But most assets can be placed in the name of a revocable living trust in Florida. The two assets you need to watch out for before placing them in a revocable trust are your Florida family property and your individual retirement accounts (“IRAs”).

The way a Florida Revocable Living Trust helps you avoid guardianship is that if substantially all of your assets are titled under your Florida Living Trust, no guardianship of the property is required because the “successor trustee” you designate in your revocable Living Trust is responsible for managing the living trust`s assets in accordance with the provisions of the trust. The term “living trust” is generally used to describe a trust that you create during your lifetime. A living trust can help you manage your assets or protect yourself in case you become sick, disabled, or simply challenged by the symptoms of aging. Most living trusts are written in such a way that you can revoke or amend them whenever you want. These trusts won`t help you avoid estate tax, as your power to revoke or change it means it can continue to be included in your estate. These trusts will help you avoid succession, which is not always necessary depending on the cost and complexity of the estate in your estate. The purpose of the Special Needs Trust is to supplement government benefits, not to eliminate the need to do so. Often, there is not a large enough inheritance to cover the cost of health care that the person needs.

A living trust is revocable. This means that even if the trustee transfers assets to a living trust, the trustee can recover his or her assets by revoking the trust. In most living trusts established in the United States, the trustee, trustee and beneficiary are all the same person. The first goal of a revocable Living Trust in Florida is to avoid probate court. In addition, there are two secondary benefits to a living trust. One is privacy. Unlike a will, the contents of a living trust are not a matter of public record. Like most court files, probate files are open to the public. Anyone can go to the courthouse and check your estate file, which most likely identifies the value of your estate, where you live, and the names and addresses of your legal heirs.

In Illinois, the simplified procedure for estate administration, known as “independent administration,” does not require inventory and accounting to be filed with the court, and therefore key documents showing the deceased`s assets are not made public. While the independent administrative process reduces the amount of personal data available to the public, a living trust still offers the ultimate in privacy because it does not go through the probate process at all. However, you don`t need to add all your assets to the trust, so once you have a list of all your assets in front of you, you can choose which ones to include in your trust. In general, you want to include all those who would normally relax to take full advantage of a living trust. The living trust should be designed in such a way that the successor trust gives free rein to the execution of distributions. If the trustee has to make distributions, that living trust is less protected. If your main goal is to avoid probate court, as long as you have assets that don`t go through the estate, you don`t need a trust. However, if you have assets that are declining due to decline, a revocable trust in Florida is a good idea. Trusts are generally more expensive than creating and maintaining wills. A person called a trustee is named in the document to control the allocation of assets according to the trustee`s wishes in accordance with the trust document and its mandates. It is also an effective way to control the transition of your estate beyond the grave. Here are a dozen things that living trust sellers don`t tell you about living trusts.

Some of these things are things they really don`t want you to know. Are you ready to create living trust? Whether you opt for a revocable living trust, the terms of which can be changed at any time, or an irrevocable trust, you should know that drafting a trust does not need to be complicated. You can even find living trust forms online that will guide you through the process of writing a living trust and be ready in minutes. If you are ready to set up your Florida Revocable Living Trust or have any other questions or concerns, contact my office at (305) 489-1415. You can also fill out the contact form contained on this page to reach me directly. Rest assured that your communications will be treated confidentially. The Probate Court is the section of the court system responsible for the settlement of wills, trusts, conservatories and guardianships. After the death, this court can review your will, which is a legal document used to transfer your estate, appoint guardians for minor children, select executors, and sometimes establish trusts for your surviving dependents.

To avoid an estate for a property valued at more than $100,000 or for a property that includes real estate, your property must be held in a trust or transferred directly to a beneficiary through a beneficiary designation or according to a special type of real estate property, such as .B. colocation. .