Living Trust Florida

Maintain a residence

Living trusts, because they stay intact after the grantors pass, can maintain a home for specific people without the fear of other beneficiaries forcing the person(s) out.

It is important to make sure the home is transferred into the living trust prior to the grantor's passing and it is also important that the living trust have enough funds to maintain the property according to the trust's instructions.

Common examples include:

1. Minor children and their legal guardians having use of the home until children finish with high school or college

2. The spouse of a blended family have use of the home until he/she moves out or passes away

3. Parents or other family members living in a primary or secondary residence of the grantor(s)

The trust can be directed to pay part or all of the mortgage, taxes, utilities, maintenance, upkeep, etc. using money in the trust. Life insurance money is an excellent source for these paying expenses. Money from life insurance can be put directly into one of the trust's bank accounts.

Living trusts and other uses

• Controlling distributions for young beneficiaries
  
• Beneficiaries receiving disability income
  
• Blended families
  
• Families with pets - food and vet expenses
  
• Avoid probate
  
• Double estate tax exemption for married couples