How will my creditors be satisfied if all my assets are in a revocable trust when I die?

How will my creditors be satisfied if all my assets are in a revocable trust when I die?

The Florida Bar website states, "Florida’s trust law does not have a specific procedure for identifying and paying creditors at death. The creditors have up to 2 years from the decedent’s death to file claims against the estate. The trustee may be reluctant to distribute the trust assets to the beneficiaries until he or she is satisfied that all claims have been paid, and 2 years is a long time to wait. For this reason, some clients choose to open a probate estate in addition to the trust administration to take advantage of the probate claim process. The probate law limits the time for creditors to file claims against the estate (generally 3 months from the date of notice), and also provides a process for objecting to claims".

If I can help answer question regarding the formation or administration of a revocable trust or other estate planning issue for you please do not hesitatite to call us at (904)366-2703 or contact us by email at knaugle@jaxlawteam.com. We would be happy to assist you.