Revocable Trust Ocala, Florida

Assets secured through this type of trust are not subject to probate, which is the court process of working through an individual’s estate to distribute all of its contents to his or her beneficiaries. By avoiding probate, the deceased’s loved ones can save themselves a considerable amount of time and money when he or she passes. With a revocable living trust, the assets are simply given to their intended recipients after the trust’s holder, known as the grantor, passes away.

This type of trust is known as a “revocable trust” because its terms can be changed by the grantor at any time. Revocable living trusts can also be canceled if the grantor wishes.

A will is a document that names an individual, known as an executor, to distribute the grantor’s property after his or her death. The will also outlines how the executor may distribute the property. Although there are many ways in which wills and revocable living trusts are similar, there are also many ways that they are different. Some examples of these differences include the following:

• An individual may avoid probate by creating a revocable living trust. This is not possible with a will.
• With a will, the grantor may name guardians for his or her minor children. This cannot be done with a revocable living trust.
• A revocable living trust can be used to avoid a conservatorship, which is the appointment of a guardian to handle the grantor’s financial needs if he or she becomes incapacitated.
• Revocable living trusts, unlike wills, may remain private after the grantor’s death.

These two documents can both be used to leave property to minor children and to name beneficiaries for one’s estate. And they may both be revised as the grantor wishes.