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Questions & answers
Is a trust a good idea in Florida?
If your main goal is to avoid probate court, so long as you have assets that will not pass through probate then you will not need a trust. However, if you have assets that will pass through probate, the a Florida revocable living trust will be a good idea.
How much does it cost to set up a trust in Florida?
How much does it cost to set up a living trust in Florida? A typical cost for an attorney to prepare a revocable living trust in Florida is between $2,000 and $3,000, depending on the attorney's experience.
What are the benefits of a trust vs will?
A trust gives you control, even after you pass away. A will gives you control of who you leave your assets to, but not how or when they get those assets. If you leave your assets in trust, you can dictate how and when your beneficiaries will receive the assets.
What are the disadvantages of putting your house in a trust?
The Cons. While there are many benefits to putting your home in a trust, there are also a few disadvantages. For one, establishing a trust is time-consuming and can be expensive. The person establishing the trust must file additional legal paperwork and pay corresponding legal fees.
What are the disadvantages of a trust?
Drawbacks of a living trust The most significant disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.
Is a trust worth the cost?
A trust can be a useful estate-planning tool for lots of people. But given the expenses associated with opening one, it's probably not worth it unless you have a certain amount of assets.