FAQ

What is a Revocable Trust? A Revocable Trust is a document created by you to manage your assets during your lifetime and distribute the remaining assets after your life. It is often promoted as a means to avoid probate and saving taxes at death. The revocable trust has some advantages over a traditional will. These are some of the things I can help you decide as we consider your estate plan. The person who creates the trust is called a “grantor” or “settlor.” The person responsible for managing the trust assets is the trustee. You can serve as trustee, or you may appoint another individual, bank, trust company to serve as trustee. It is “revocable” since you may modify or terminate it during your lifetime, as long as you are not incapacitated. Upon your death, the trustee or successor trustee is responsible for paying claims and taxes and then distributing your assets to your beneficiaries as described in your trust. Your assets, such as bank accounts, real estate and investments must be formally transferred into the trust before your death to get the maximum benefit of the trust. This is “funding” the trust. Assets that are not transferred into the trust, may be subject to probate. Your attorney, financial advisor or accountant can help you to decide which assets should be transferred into the trust. (Download “Asset Organizer”). What is Probate? Probate is the court-supervised administration of a decedent’s estate. It is a process created by state law to transfer assets from the decedent’s name to their beneficiaries. (Download Probate Info Sheet). Are all assets subject to Probate? No, only assets owned by a decedent in his or her individual name require probate. Bank accounts, retirement accounts, annuities, investments that have designated beneficiaries, are “pay on death” or “in trust for” may avoid probate. Assets transferred into a trust will also avoid probate. How does a Revocable Trust Avoid Probate? A revocable trust avoids probate by effecting the transfer of assets during your lifetime to the trustee. This avoids the need to use the probate process to transfer assets after your death. The trustee has immediate authority to manage the trust assets, at your death. No appointment by the court is required. The trust must be properly funded to avoid probate. Because the revocable trust may not completely avoid probate, a simple “pour-over” will is needed to transfer any probate assets to the trust after death. Landlord/Tenant Can I evict my tenant if they have not paid their rent that was due on the 1st of the month? Before you can evict the tenant, you must give written notice, that they pay rent or quit the premises within 3 days, excluding weekends and holidays. This is the 3-day notice. If the tenant does not pay, then you can file a lawsuit in court to evict the tenant. Can I evict my tenant if they have violated the lease agreement by having a pet, when the lease Specifically provides for no pets? You must give the tenant written notice that they have violated the lease agreement by having a pet. If they do not remove the pet within 7 days, then you can file a lawsuit with the court to evict the tenant. Why are there so many rules and regulations for landlords and tenants? The Florida Statutes governing landlord/tenant law are very strict as to procedure. If certain things are not done in a timely manner, you may lose valuable rights. If you are in doubt, either review Florida Statute 83, et. seq. or contact an attorney.

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