Many Florida residents refer to a revocable trust as a living trust, which essentially means that you may change it at any time while alive. If you regularly purchase and sell assets, you may transfer them to or from your living trust up until your death.
The Florida Bar’s website notes that individuals create living trusts to help invest or manage their properties while alive. After death, the trust’s remaining assets may disburse to beneficiaries or a trustee may continue managing them.
How may I fund a living trust?
You may fund your living trust by transferring your chosen assets to it as often as you wish. You could include real estate, investments and financial accounts.
You may change the title or deed of your properties to demonstrate the trust’s ownership each time you buy or sell an asset. To confirm that your trust owns your investments, you may review your stock certificates or financial statements.
What may a trustee do after my death?
The written instructions in your trust provide details on what your trustee may do with your assets after you die. A living trust becomes unchangeable on the date of your death. Your estate’s personal representative or your trustee may not change the trust by adding assets to it once you have died.
Your assets, accounts and properties that do not transfer to your trust during your lifetime may go through probate. The benefits of a revocable trust include transferring assets to it so your beneficiaries bypass probate court. When you die, your trustee manages your assets on behalf of the trust’s named beneficiaries.
You may also create a living trust and serve as its trustee or manager. If you become incapacitated, however, another individual may act as your replacement trustee.