Revocable Living Trust in Florida

A Revocable Living Trust is one of the most versatile estate planning tools available in Florida. It allows you to manage your assets during your lifetime and control how they are distributed after your death—without the delays, costs, and public nature of probate.

How a Revocable Living Trust Works

When you create a revocable living trust, you (the grantor) transfer ownership of your assets into the trust. You usually serve as your own trustee during your lifetime, keeping full control. You can:

• Add or remove assets from the trust.
• Change the trust’s terms.
• Revoke the trust entirely if you choose.

At your death, your successor trustee takes over, pays any valid debts, and distributes your assets according to your instructions—without probate.

Benefits of a Revocable Living Trust

• Avoids Probate: Assets in the trust pass directly to your beneficiaries.
• Privacy: Unlike a will, a trust is generally not filed with the court.
• Continuity of Management: If you become incapacitated, your successor trustee can step in without court involvement.
• Flexibility: You can update the trust as your circumstances or wishes change.
• Multi-State Property: A trust can help avoid ancillary probate in other states.

Limitations and Considerations

• No Asset Protection: A revocable living trust does not shield assets from your creditors during your lifetime.
• Funding Required: The trust only controls assets that are actually titled in its name or have beneficiary designations to the trust.
• May Need to Be Used with Other Tools: For certain assets—like homestead property, business interests, or accounts with special beneficiary rules—the trust should be coordinated with other estate planning documents.