FLORIDA RULES OF CIVIL PROCEDURE

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Cox Law Office
156 East Bloomingdale Ave.,
Brandon, 33511
Phone: (813) 685 8600

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Creditors Can Reach Revocable Trusts

A revocable trust may be a useful tool to avoid probate, to promote privacy,  and to provide continuity  in the event of incapacity.   It is not, however, by definition an asset protection device.

Fla. Stat. § 736.0505 provides the property of a revocable trust is subject to the claims of the settlor’s creditors during the settlor’s lifetime unless exempted by law.  Assets in a revocable trust represent probate liquidity when the probate assets are insufficient expenses of the administration and obligations of the settlor’s estate. Fla. Stat.  § 736.05053.

Should you have any questions or concerns regarding Revocable Trusts, please do not hesitate to contact the Firm at 813-685-8600.

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