The Benefits Of A Florida Living Trust

Why A Living Trust? private document. That means anyThe living trust is popular estate one you suspect might challenge your planning tool among Floridians, with dispositions—a former spouse or substantial benefits for most middlesomeone who’s disgruntled because class families. Perhaps the foremost you’ve “cut them out,” say—is less reason Floridians prefer a living trust likely to be able to mount a legal chalover a will is that when properly draftlenge. ed and funded, the living trust can Guardianship avoidance is anothkeep your estate out of probate. Proer benefit. Through your living trust, bate is the court-supervised process you can designate who you wish to by which your personal representahandle the financial assets tive(s) files your will, setin your trust should you betles any creditors’ claims, come incapacitated. Thereand distributes your assets fore, there is no reason for to beneficiaries. Because a guardian to be appointed of the many negatives asto handle your affairs, and sociated with probate, the courts need not get inavoiding it has become a volved. No such provision kind of Holy Grail of Florifor incapacity can be made da estate planning. with a will, which is a death When your estate is instrument only. probated, chances are your Joseph S. Karp, If your estate is taxable, assets will be tapped to pay C.E.L.A. there can also be substanattorneys’ fees and other tial benefits to a living trust, allowadministrative fees, thereby dimining you and your spouse to pass more ishing what your heirs receive. And money to your heir estate-tax free. shepherding your estate through the Of course, everyone’s situation is probate courts can be a drain on your different. To determine whether a livpersonal representative’s time and ening trust is really the right estate planergy. If she/he does not live locally, ning instrument for you, consult with or if her time is limited due to famila certified elder law/estate planning ial or job responsibilities or health attorney to discuss the nature of your issues, the burden becomes that much assets and family circumstances. greater. Sparing one’s loved ones this hassle is the main reason so many of Joseph S. Karp is a nationally certified my clients avoid probate with a livand Florida Bar-certified elder law attorney ing trust. (C.E.L.A.) specializing in the practice of Trusts, Note too that if you have real propEstates and Elder Law. His offices are locaterty in your name in more than one ed at 2500 Quantum Lakes Drive, Boynton state, and don’t have a living trust, Beach; 2875 PGA Blvd., Palm Beach Gardens; and 1100 SW St. Lucie W. Blvd., Port each property will need to be probatSt. Lucie. Call him at 561-752-4550 (Boyned in its own state. By putting all your ton); 561-625-1100 (Palm Beach Gardens); real property into your living trust, or 772-343-8411 (Port St. Lucie). Toll-free probate is avoided. from anywhere: 800-893-9911. E-mail: KLF@ Unlike a will, the living trust is a Karplaw.com. or website www.karplaw.com