In the process of planning your estate, you may have established a revocable trust agreement. A trust agreement offers many advantages to help you mitigate taxes and protect your assets while you are alive, as well as after you have passed on. 

Creating the trust, though, is only part of the process. If you have not yet funded your trust, it may not be able to accomplish your goals. Let us explain further to help you understand just what a revocable trust agreement is and how it can help you reach your estate planning goals. 

If you own significant property, investments, and assets, your estate planning attorney may have recommended that you establish a revocable trust agreement as a part of your Florida estate plan. Since it is revocable, that means you can change the terms of the trust at any time, should your circumstances change. This type of trust can protect your assets, mitigate tax burdens, and help your loved ones avoid a costly probate process after you are gone. 

Other examples of how your trust agreement can help you reach your goals can include, but not be limited to, the following:  

  • Keep your affairs private at the time of your passing
  • Avoid legal disputes over the distribution of your estate
  • Make long-lasting provisions for grandchildren or young family members
  • Potentially avoid guardianship and family conflict 

Once you have established your trust, however, you need to decide what properties and assets to place into it. This is the process of “funding” your trust agreement. Titled assets, such as real property, must be retitled in the name of the trust, as should any financial accounts and investments you wish to include. If this step is not completed, your property could end up being required to go through probate. 

Is it time to review your estate plan? Is your trust agreement funded? Did this blog raise more questions than it answers? You may schedule an appointment with one of our attorneys today, or at any time in the future.