What Do You Mean By Revocable Trust? The living trust can be revoked, changed, amended as your needs change. I am planning to move to Florida. Will my trust be valid there? Absolutely. The trust is good in every state in the union. Is it okay to be my own trustee? Of course. You are your own trustee and if you are married, your spouse will be your successor trustee. Single people with children name their children as successor trustees. I plan to purchase property in the near future. Do I buy it in the trust name? Yes. All assets should be purchased in the trust name. Your brokerage and bank accounts should be in your trust name so that those accounts will avoid probate. If for example, one owns a house in Florida and it is not in their trust name, that house will require a separate probate in the state of Florida. How does this affect my filing income taxes? It doesn't. Your social security number is the tax identification number. You continue to file your income tax returns just as you always have. Will I still get my Star Exemption? Yes. Transferring your property into living trust does not affect your Star exemption. I am single. Do you think a trust is right for me? Yes. If you want to make sure your beneficiaries avoid probate. You will also protect your assets in case of disability and you won't have to go through a guardianship proceeding. Does my living trust need to be recorded anywhere? No. It's a private document unlike a last Will and Testament. The Will becomes a public document once the probate process begins. Any one has the right to see that Will. Can I sell any assets after they are put into my living trust? Yes. You can sell your property and you sign your checks just as you did before. Is a living trust only for the rich? NO. A living trust can help anyone who wants to protect his/her family from probate fees, attorney's fee, court costs and disability costs. Are there any major disadvantages to a living trust? No. You have complete control of all the assets in your trust. You have the right to make any changes in it.