Snowbird Attorney Tip #1 – Creating a Living Trust before buying property in Florida can save time and money later.
Before you legally move to Florida and before even buying real estate in Florida, we recommend creating a Living Trust.
A Living Trust, frequently called a revocable trust or grantor trust in some jurisdictions, is a document that sets out terms for how assets owned by the trust should be managed.
It generally stipulates that while you are alive, you can use the assets however you like. Upon your death, the Living Trust functions like a Will.
One strong reason to create a Living Trust prior to buying Florida real estate is so that when you do buy the property, you can have the Living Trust own it from the outset.
You can always create the Living Trust later and then transfer it in, but you will incur additional cost for another deed and the recording fees.
Another important reason to create a Living Trust to own your real estate is it is a nice way avoid Florida probate.
Even if you are still living outside Florida at the time of your death, you typically need to go through the probate process in the state you were domiciled and in EVERY jurisdiction in which you owned real property in just your name.
Attorneys at The Pollock Firm LLC are licensed in Florida, New Jersey, New York, and Pennsylvania.