Top 6 Reasons to Make a Trust
A Trust is an arrangement or agreement that allows a third party to hold and manage assets for a beneficiary or beneficiaries. A Trust allows you to bring all of your assets under one document and avoid interference by the courts.
In Florida, the revocable, or “living,” trust is governed by Chapter 736, Florida Statutes. The revocable trust has certain advantages over a traditional will, but there are many factors to consider and discuss with your attorney before you decide if a revocable trust is best for your overall estate plan.
Here are the top reasons to make a trust:
- The beneficiaries of your estate are disabled or under 21 years of age.
- You own property in another state.
- You want your heirs to avoid the cost, burden and time associated with probate.
- You are concerned that you might become disabled and then someone may take advantage of you or influence you.
- You want to avoid court supervision or interference with your estate or life (if you are incapacitated or disabled)
- You want to control when your heirs get or use the money or property you leave them, even though you won’t be around.