Living Revocable Trusts

A Living Revocable Trust is a legal document that resembles a Will. It contains an individual's instructions for his or her assets in the event of disability and directions for the distribution of assets upon death. After the Trustor creates the Trust, they change the title on their assets from their name individually to their name as Trustee of their Trust. During the Trustor’s lifetime, assuming no disability, they control the assets in this Trust. The Trust does not have to file a tax return or pay taxes. The same 1040 tax return they file every year is the same one they use once the Trust has been established. Their social security number is attached to all the assets and the IRS makes no distinction between them individually and them as Trustee of their Trust for tax purposes. They act as their own Trustee, thus eliminating any professional fees. They can do anything with their assets that they want. They retain the same control over their assets as they did before the Trust was established.

The advantage of a Living Revocable Trust is that the assets in the Trust owned by the Trustor as Trustee of their Trust do not go through probate upon their death. Therefore, if all of their assets are in a Living Revocable Trust when they die, they completely avoid probate. The assets are disposed of more quickly - often at less administrative cost. The Successor Trustee is not required to print the public death notice in the newspaper as the Personal Representative may be required to do in probate.

A Living Revocable Trust provides the perfect vehicle for managing the Trustor’s assets in the event of their disability. A Will, which functions only in the event of death, carries no such benefit.

© 2020 Fisher & Fisher, Attorneys at Law | Disclaimer
181 NE Eglin Parkway , Ft. Walton Beach, FL 32548
| Phone: (850) 244-8989
508 E. Government Street , Pensacola, FL 32502
| Phone: (850) 434-6090
2714 West 15th Street, Panama City, FL 32401
| Phone: (850) 235-8030

Our Firm | Resources | Practice Areas | Events

Law Firm Website Design by
Amicus Creative

© J. Mark Fisher, P.A., Attorneys at Law | Law Firm Website Design by Zola Creative

Disclaimer: The information contained in this Web site has been prepared by J. Mark Fisher, P.A., Attorneys at Law. for general information purposes only. The information in this Web site may or may not reflect the most current legal developments and under no circumstances should you rely on this material. Nothing provided in this Web site should be considered legal advice or legal opinion. This Web site is not intended to establish or create an attorney-client relationship. You should seek independent and competent legal counsel before acting upon any of the information in this Web site. The use of our Web site including information, material, products and services therein, shall be solely at your own risk.