What is a revocable trust?

A revocable trust is a type of legal agreement that allows an individual, known as the trustor, to control how their assets are managed and distributed after their death. It can be amended or revoked at any time while the trustor is alive. In Florida, a revocable trust is created by the trustor transferring ownership of their assets into the trust. The trustor also names a trustee, who is responsible for managing the trust assets according to the trustor’s wishes. A revocable trust offers many advantages over other estate planning tools. First, the trustor retains control over the trust assets during their lifetime. They have the power to change the terms of the trust or even revoke the trust altogether. Also, assets that are placed in a revocable trust do not have to go through the probate process, which can be costly and time-consuming. Finally, by placing their assets in a trust, the trustor can protect their assets from creditors and avoid taxation of their estate. Overall, a revocable trust is a flexible and powerful estate planning tool that can help the trustor protect and manage their assets during their lifetime and ensure that their wishes are carried out after their death.

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What is a revocable trust?

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