Photo of Eric R. Ebbert, CFP®, MBA, CEO Eric R. Ebbert, CFP®, MBA, CEO Sep 02, 2020

Your property and assets represent years of hard work and smart investing. While you should enjoy your property and continue to work hard to chase your dreams, you also need to think about what happens when you can no longer manage your properties, such as if you are very sick, or when you pass away. 

Creating a will is a good step for dictating how you would like your property to be handled in the event of your death, but what about when you need someone to handle your property while you are still alive but just unable to do it yourself? Or how about if you would like to spare your family the expenses and hassle of dealing with the probate court after the event of your death? In situations like these, if you do not have a living estate trust (often referred to as a revocable living trust), then your property may not be handled the way you wish.

How do you transfer your property into a trust?

Making a trust is less complicated than it seems, but when it is all said and done, you do need a notary to witness you signing the document for it to all be official. If you are a Florida resident who wishes to place your property into a trust, these are the steps you need to follow:

  1. Decide on whether to make an individual or shared trust — The difference between an individual or shared trust is as it sounds. An individual trust is a trust you make if you are the sole owner of a significant amount of property or if you would like sole control over the trust property. A shared trust gives shared control over property, such as for married couples who do not want to divide their property.
  2. Decide what you want to include in your trust — Determine which assets and property you would like to include into your trust, such as real estate, stocks, bonds, business interests, patents, valuables and other properties that are of importance to you and your family.
  3. Appoint your trustee(s) — Determine who (or what organization) inherits the property and assets of your trust.
  4. Create a trust document — An attorney can help you create your trust document to ensure that there are no gaps that leave your property vulnerable to anyone or any organization outside of your desired inheritors.
  5. Sign it in front of a notary — A public notary can witness you signing your trust document to verify legally that what the document represents is in accordance with your wishes.
  6. Transfer the titles of your properties into the trust — Change the title of any property outlined in your trust document to reflect that you own the property as a trustee. You want to work with your attorney and financial planner in doing this step.

Talk to a ProVise CFP® professional about creating a trust in Florida

Can you imagine trying to speak a foreign language without any guidance from a teacher, books or software? It would be nearly impossible. Navigating the financial landscape without any experience or guidance can be just as difficult. Fortunately, you can find the guidance you need from our CERTIFIED FINANCIAL PLANNER™ professionals at ProVise Management Group.

Our team can work closely with you to understand your current financial circumstances, goals, risk tolerance and personal values to help you develop a financial plan that works for you. We can help you in the process of transferring your property into a trust and show you how to get the most out of tax advantages when doing so.

We can create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about creating a trust? Contact ProVise today to schedule a complimentary consultation.