Are you confident your estate plan will protect your assets and loved ones from a time-consuming and expensive probate process? As a Brandon estate planning attorney, I’ve seen how living trusts offer an effective alternative that many professionals and families in Riverview, Fish Hawk, and Lithia are now exploring.
Probate vs. Non-Probate Assets: What’s the Difference?
Understanding which assets go through probate is essential for effective planning:
Non-Probate Assets (bypass probate):
- Life insurance and retirement accounts with designated beneficiaries
- Bank accounts with payable-on-death provisions
- Jointly owned property with rights of survivorship
Probate Assets (subject to probate without planning):
- Real estate in your name only
- Vehicles and other titled property
- Stock accounts without beneficiaries
- Business interests and personal belongings
How a Living Trust Works
A revocable living trust allows you to transfer ownership of your probate assets into the trust during your lifetime. While you maintain complete control as the initial trustee, these assets are legally owned by the trust rather than by you personally.
The key advantage? Assets properly held within a trust avoid the court-involved probate process upon your passing. Your designated successor trustee manages and distributes these assets according to your instructions, often replacing a will for trust assets.
Benefits Beyond Probate Avoidance
Living trusts offer several additional advantages:
- Privacy Protection: Trust administration remains private, unlike public probate proceedings.
- Seamless Transition During Incapacity: Your successor trustee can step in without court intervention if needed.
- Customized Distribution Planning: Create specific instructions for how and when beneficiaries receive their inheritance.
Comprehensive Planning
While a living trust is powerful, it works best as part of a broader strategy that includes a pour-over will and essential documents like powers of attorney for healthcare and financial decisions.
Is a Living Trust Right for You?
Consider factors like your estate’s size and complexity, whether you own property in multiple states, and your family’s specific needs. As a Florida Board Certified Elder Law attorney serving Brandon, Riverview, Fish Hawk, and Lithia, I can help determine if a living trust suits your situation.
Ready to protect your legacy? Contact the Law Offices of Laurie E. Ohall at (813) 438-8503 to schedule a consultation and take the first step toward securing your family’s future.