Talk of The Villages Florida - View Single Post - Living Trusts
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Old 09-29-2020, 07:16 PM
retiredguy123 retiredguy123 is offline
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A trust is different from a will in that a will needs to comply with the State law and often needs to be executed by a state probate court. But, a trust is a private document that can be executed by the named trustee without any involvement by a court. The only time a trust needs a court to get involved is when someone challenges the trust by suing the trustee. You probably need to consult with a lawyer, but, if your finances are relatively simple, I would try to avoid preparing a trust. Trusts are expensive, and often need to be updated when you buy or sell an asset. I doubt that you need a trust if your assets are simple and there are not a lot of heirs. Most assets can be transferred by setting them up as "payable on death". In Florida, real estate can be transferred automatically on death by having a joint title or by setting up a "lady bird" title. No trust or will needed for that.

By the way, I am a trustee for a trust that was prepared in Virginia by a deceased friend. I have been executing the terms of the trust for several years, and I have never had to get the trust validated or even looked at by a Florida court. That is because it is a private document, which is much different from a will, that can become a public document after death.

Last edited by retiredguy123; 09-29-2020 at 07:39 PM.