Quote:
Originally Posted by vintageogauge
There is a lot more to a trust than just the transferring of assets. If something happens to you as a trustee the successor trustee simply takes over and continues as always handling affairs as always. There is asset protection from certain liability claims, protection from yourself if you have diminished mental capacity as it's very easy for the successor to take over, it goes on and on. Most assets can be in the trust and you don't have to update the trust itself, just place your assets in the trust instead of simply your name. There is so much more to it and well worth getting legal advice.
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Great Point!
Both my children could take over responsibility of my Trust in the event of illness. I have experienced families not being able to assist parents in financial matters and it is very time consuming for children living outside of Florida.
I never have had to update my Trust but did create a new one after becoming a Florida resident.
Meet with an Estate Attorney and good luck.