Types of Revocable Trusts in St. Petersburg
Revocable trusts are among the most flexible estate planning strategies in St. Petersburg. Their flexibility stems not only from their revocable nature, but also from the various options they offer. There are many different types of revocable trusts to choose from, and you might want to discuss these options with an experienced estate planning attorney.
Qualified Terminable Interest Property Trust (QTIP)
A qualified terminable interest property (QTIP) trust is a common example of a revocable trust. The goal of this trust is to provide income for a surviving spouse when the grantor passes away. Because of the way this revocable trust is structured, it is exceedingly popular among those with children from previous marriages.
The surviving spouse retains control and use over the trust assets (which may include the family home) after the grantor’s death. When the surviving spouse passes away, the remaining assets may pass to children from the previous marriage.
Revocable Gun Trusts
Many gun owners in Florida use revocable gun trusts. These trusts prevent family members or beneficiaries from inadvertently inheriting your firearms and committing felonies in the process. Under federal and state law, possession of a firearm under the wrong circumstances is illegal. For example, your son might be a convicted felon. If they inherit your firearm, this could constitute an automatic felony charge.
With the right trust, you may be able to avoid mistakes such as these. A revocable gun trust allows you to change beneficiaries, add new firearms, and make any other necessary adjustments as you seek to comply with state and federal firearm laws.
Revocable Pet Trusts
Pet trusts also benefit from the flexibility offered by revocable trusts. If you have a dog or a cat and you want to make sure they receive the best possible care after you’re gone, you can set aside the necessary funds and appoint a caregiver with a relatively straightforward revocable trust. Revocable trusts are useful in this situation because they allow you to change the appointed caregiver. You can also cancel the trust if your pet passes away. Furthermore, revocable living trusts are useful if you become incapacitated but do not pass away.
Revocable Trusts With Spendthrift Clauses
Revocable trusts become irrevocable after you pass away. This structure allows you to benefit from your assets while you’re still alive, while also ensuring financial support for your loved ones after you’re gone. Many grantors add spendthrift provisions to these trusts, which prevent beneficiaries from wasting their inheritance within a few short months. This could be an effective choice if your beneficiaries have poor money management skills or struggle with addictions.
Can an Estate Planning Lawyer in St. Petersburg Help Me?
An estate planning lawyer in St. Petersburg may be able to help you choose a revocable trust that meets your unique needs. Contact Drude Tomori Law today to discuss your specific goals and priorities in more detail. We serve residents of St. Petersburg, Lakewood Ranch, Bradenton, and Sarasota.
Source:
floridabar.org/public/consumer/pamphlet028/