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Revocable Trusts

August 7, 2014

One favored estate planning tool that yourClermont estate planning lawyer may recommend is the revocable trust. This allows you to set parameters regarding how certain property should be used while giving you the peace of mind of knowing that you can modify it whenever you want to.

Requirements

Your lawyer can explain that a testamentary trust, a trust in which you dispose of property at your death, must comply with all of the will formalities that are required of wills in Florida. These requirements include:
  • Settlor’s signature
  • Witnesses
  • Signatures of witnesses

Revocability

Your  estate planning attorney can also explain that there is a presumption that a trust is revocable unless there is clear language to the contrary. However, this presumption is only for trust instruments that were created after June 30, 2007.
Revoking a Trust
If the revocable trust only has one settlor, he or she may revoke the trust or amend it by substantially complying with the relevant provision in the trust. If there is not a method proscribed in the trust for revocation, the settlor can create a later will that revokes or amends the terms of the trust or manifest clear intent in another manner. The testamentary aspects of the will must still comply with the requirements above. If there is more than one settlor, either spouse can revoke the will. However, if there is community property, both must agree to any amendment.
If you would like assistance in setting up a trust, contact Clermont estate planning attorney Merideth Nagel at 352-394-7408.

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