Revocable Trusts: What They Are and If You Need One
As adults get older in age, the time may come when they need a trust for their personal and business affairs. Revocable trusts, or a living trust, is very convenient in case the grantor suffers a mental disability in the future. A revocable trust isn’t “set in stone” as it can be modified or altered at any time before the death of the grantor. Once the grantor of the trust has passed, the trust then becomes an irrevocable trust.
The Coral Springs FL estate plan attorneys, Bakalar & Associates, can provide asset protection for your children and a surviving spouse in the unfortunate case of death. The living trust gives specific details on how assets and property should be correctly distributed once the grantor has passed. The trust can only be modified through a process of trust amendments. Bakalar & Associates, a trust litigation law firm in Coral Springs, can help assist in creating a revocable trust for yourself or a loved one.
Revocable trusts help to make the estate planning process easier by avoiding the expensive costs of probate court. The assets within the trust are passed to the mentioned beneficiaries after the death of the grantor. Unlike a irrevocable trust, the revocable trust ensures privacy of the assets and the beneficiaries. The details of the trust, such as family members and property, aren’t made available for public record. If the grantor wishes to leave property to a family member or someone in the trust, it must first be transferred into the trust through a process of submitting the title.
The Coral Springs FL estate plan attorneys at Bakalar & Associates specialize in drafting estate plans and living trust. The trust litigation law firm in Coral Springs can help you reduce the chances of court disputes pertaining to conservatorships and guardianships.