Perhaps. Whether or not you need a revocable or an irrevocable trust depends on a variety of factors including, but not limited to, your estate planning goals, the type and value of assets you want to have in the trust, the number of beneficiaries, types of powers, and longevity of the trust you desire. For instance, a revocable trust can be modified by the grantor, whereas an irrevocable trust typically cannot except under particular circumstances. Depending on how its set up, a trust can protect assets from creditors and remove assets from your taxable estate. Trusts can be simple or complex. You should also consider the financial costs of setting up a trust and the trust administration. Under Florida law, trusts and trustees have legal responsibilities as outlined in the Florida Statutes under The Florida Trust Code. Speak with your attorney if you have questions regarding trusts.
-Emily A. Helmick, Esq.