My question involves estate proceedings in the state of: Florida
Could you explain the pros and cons of a revocable trust verses a simple will? Only one beneficiary. Estate is worth about $300K.
Considering that the trust must also be filed with the probate court.
From the FL Bar Association:All of the tasks that must be performed by a personal representative in connection with the administration of a probate estate must also be performed by the trustee of a revocable trust, though the trustee generally will not need to file the same documents with the clerk of the court. Furthermore, if a probate proceeding is not commenced, the assets making up the decedent’s revocable trust are subject to a two-year creditor’s claim period, rather than the three-month non-claim period available to a personal representative.
Could you explain the pros and cons of a revocable trust verses a simple will? Only one beneficiary. Estate is worth about $300K.
Considering that the trust must also be filed with the probate court.
Quote:
From the FL Bar Association:All of the tasks that must be performed by a personal representative in connection with the administration of a probate estate must also be performed by the trustee of a revocable trust, though the trustee generally will not need to file the same documents with the clerk of the court. Furthermore, if a probate proceeding is not commenced, the assets making up the decedent’s revocable trust are subject to a two-year creditor’s claim period, rather than the three-month non-claim period available to a personal representative.
Trusts: Revocable Trust with Pour Over Will vs Will
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