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2Questions re: Florida Revoc living trust and passing asset to minor Florida

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  • 2Questions re: Florida Revoc living trust and passing asset to minor Florida

    Single mom with minor child wants to avoid probate and leave assets to minor child and other family members. Single mom has a house with mtg (no equity now), car owned outright, small 401K and bank accounts only. Researched this and found out that I can avoid probate by setting up revocable living trust.

    Q1: Regarding Revocable Living Trust: other threads say you lose homestead by putting home in revocable living trust and transfer to trust could violate terms of mortgage or cause difficulty with Homeowners insurance. Is there any way to avoid probate when you own a home without losing homestead?

    Q2: What kind of trust can I set up simply to leave benefits of 401 K and bank accounts to my minor daughter without getting too complicated?

    Too broke to pay lawyers to figure this all out...have great assortment of forms but dont now how to structure. Pls chime in ...anyone who can help.

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