What is an irrevocable trust?
An irrevocable trust is a type of trust that cannot be changed or revoked once it has been created. This type of trust is used to protect assets that are transferred into the trust such as real estate, money, or other property. The trust is managed by a trustee who oversees the trust and makes sure that all assets are distributed according to the wishes of the settlor, or creator of the trust. In Florida, an irrevocable trust created by an individual is considered a separate legal entity and is not subject to the laws of intestacy, or inheritance law. This means that assets passed through the trust are not subject to inheritance taxes or probate. This also allows for the trust to exist even after the death of the settlor, ensuring that the assets are properly managed and distributed according to the wishes of the settlor. An irrevocable trust can be a great way to protect assets and ensure that they are distributed according to the wishes of the settlor after they pass away.
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