Basic estate planning documents in Florida include:
1. Living Trust:
A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. This trust can be made while you are still alive and can be amended throughout the course of your life. You can be the trustee of your own living trust, keeping full control over all property held in trust. Upon your death, the assets held in the trust will be distributed to the beneficiaries according to the terms of the living trust. A living trust becomes irrevocable at the time of death and cannot be changed once the person who made the trust passes away.
2. Irrevocable Trusts:
After you place property into an irrevocable trust, that property now belongs to the trust and not to the grantor. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.
Please contact Attorney Alvarez to determine if a trust is right for you.