Good morning
Location: Florida
I had a meeting with a lawyer recently about setting up a revocable trust for my paid off home. Located in Florida.
I have 2 children. Unfortunately, one is not very good with money, and does not work or have health insurance. He is in his late 40’s and still lives at home ( This is another story that I just don’t have the strength to get into right now ) Daughter is early 40’s
I only have about 50K that I would leave, along with the house. ( Bank account, Brockage account) I don’t have any debt currently.
I was advised at the very least to have a will made.
But I was also advised, due to my one son’s situation, that it might be a better option to set up a trust, and make my more responsible daughter the owner of the trust and the one in charge. Once I pass, she would be in control of all assets and how they are distributed, and to not include my son in either of them.
My daughter and son have a great relationship and he would not fight it. He agreed that he felt more comfortable having her be in charge.
I forgot to ask if my homestead, if house is transferred into a trust, would stay ( currently with a homestead in FL, creditors can’t take your house ) I was advised that if my son was put on it and God forbid got sick or had big bills he can’t pay, they might be able to go after that ( I am not sure if homestead transfers ) Can you transfer homestead into trust upon death and while alive?
I was advised that if my son was put on it and God forbid got sick or had big bills he can’t pay, they might be able to go after that ( I am not sure if homestead transfers )
Anyway, do you think a regular will would be OK in this situation? I want to avoid probate for everything though as I wouldn’t want them to have to deal with that
My main goal with all of this, is to make sure the home goes to the children and they never lose that option. Neither would ever plan to sell it ( Things could always change hopefully many years when I am gone )
We also spoke about a lady bird deed but he advised against it
And last, but maybe stupid question:
Since everything is basically in a trust’s name and not yours anymore, can it be taken from you at some point? It kind of freaks me out slightly knowing, everything becomes a trust’s name. Who is the person who makes the trust, and can they ( scammers) do something shady in the future, and make it under their own name and not mine or my familes?
Thanks for the help