J. Kelly Kennedy, Attorney/CPA, PLLC

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July 2016 Archives

What are the limits of a revocable trust?

The revocable trust is a common estate planning instrument in Florida. In a revocable trust, the person creating the trust, known as the grantor, transfers ownership of assets to the trust. When the grantor passes away, the trustee will distribute the trust assets to the beneficiaries. Because the trust, not the grantor, owns the assets at the time of his or her death, the assets are not part of the grantor's estate and do not go through the probate process. This can be advantageous because probate can be a lengthy and expensive legal proceeding.