Revocable Living Trusts Explained: Flexibility and Control Over Your Estate
Many Floridians come to an estate planning attorney with a simple but essential question: “Is a will enough, or do I need a trust?” Wills are widely known, but they do not avoid probate in Florida. That’s why so many families turn to Revocable Living Trusts (RLTs).
A Revocable Living Trust is one of the most flexible and powerful estate planning tools available. It not only avoids probate but also gives you control over how your property is managed during your life and how it will be distributed after death.
What Is a Revocable Living Trust?
A Revocable Living Trust is a legal document that creates a separate entity, called a trust, to hold your assets. As the creator, you are usually also the trustee, which means you control everything in the trust while you are alive and well.
The word “revocable” means that you can change, amend, or revoke the trust at any time. That flexibility distinguishes it from an irrevocable trust, which generally cannot be altered once it is created.
When you pass away, your successor trustee takes over to distribute your assets according to your instructions. This process happens outside of probate, which saves your family time and expense.
Key Benefits of a Revocable Living Trust
Floridians choose a Revocable Living Trust for many reasons. Here are the top advantages:
- Avoiding Probate – Properly funded trusts transfer assets directly to beneficiaries without the need for court involvement.
- Maintaining Control – As a trustee, you have the authority to make changes at any time.
- Planning for Incapacity – If you become ill or unable to manage your finances, your successor trustee can step in without the need for guardianship proceedings.
- Privacy – Probate is a public record, but trusts are private documents. This protects your family’s financial details.
- Flexibility in Distributions – You can leave assets outright or stagger them according to age, milestones, or specific conditions.
- Multi-State Property Coverage – Trusts can hold property in more than one state, avoiding multiple probates.
- Coordination with Other Tools – Trusts work seamlessly with Lady Bird Deeds, wills, and beneficiary designations.
How a Revocable Living Trust Works in Florida
When you create a trust, you transfer ownership of your assets into it—a process called “funding the trust.” This includes:
- Your home and other real estate.
- Bank and brokerage accounts.
- Business interests.
- Personal property you want covered.
Once funded, the trust owns the assets, but you, as the trustee, control them. If you become incapacitated, your successor trustee manages them. Upon death, the successor trustee follows your instructions for distribution, avoiding probate.
Common Questions About Revocable Living Trusts
Does a Revocable Living Trust avoid probate in Florida?
Yes—if it is appropriately funded. Assets in the trust are transferred directly to your beneficiaries without the need for probate.
Do I still need a will if I have a trust?
Yes. A “pour-over will” acts as a safety net, moving any assets left outside the trust into it after death.
Will I lose control of my property if I put it in a trust?
No. As long as you are alive and competent, you keep complete control. You can buy, sell, or refinance just as before.
Is a trust only for wealthy families?
No. Trusts are beneficial for anyone who owns real estate, desires privacy, or seeks to avoid probate.
What about taxes?
A Revocable Living Trust does not provide tax savings during your lifetime. Its primary benefits are probate avoidance, incapacity planning, and flexibility.
Mistakes to Avoid with Revocable Living Trusts
Even though trusts are flexible, mistakes can make them less effective:
- Not funding the trust – If assets aren’t retitled into the trust, probate may still be necessary.
- Failing to update the trust – Life events, such as divorce, remarriage, or the birth of new children, may require amendments.
- Relying only on the trust – You still need powers of attorney, health care documents, and a pour-over will.
- Using generic online forms – Florida has unique laws; a trust should be drafted by a Florida estate planning attorney.
Revocable Living Trust vs. Lady Bird Deed
Many clients ask whether a Lady Bird Deed or a Revocable Living Trust is better for probate avoidance.
- A Lady Bird Deed is ideal for transferring one Florida property while maintaining homestead protections.
- A Revocable Living Trust covers a broader range of assets, allows for detailed distribution planning, and addresses incapacity.
Often, families use both—a trust for overall estate management and a Lady Bird Deed for the homestead property.
Why Work with a Florida Estate Planning Attorney
Creating a Revocable Living Trust involves more than filling out forms. An experienced estate planning attorney in Spring Hill or New Port Richey can:
- Draft a trust that meets Florida’s legal requirements.
- Guide you through funding your trust.
- Integrate your trust with powers of attorney, health care directives, and beneficiary designations.
- Customize your plan to fit your family’s needs and avoid disputes.
Estate planning is not one-size-fits-all. What works for one family may not work for another, especially when Florida homestead protections and spousal rights are involved.
Key Takeaways on Revocable Living Trusts
- A Revocable Living Trust avoids probate and keeps your estate private.
- You keep control during your lifetime and can change it at any time.
- It provides a plan for incapacity and flexible options for distributing assets.
- It requires proper drafting and funding to work as intended.
- Consulting with a Florida estate planning attorney ensures your trust fits your needs and complies with state law.
A Revocable Living Trust offers Floridians flexibility, control, and peace of mind. By avoiding probate, providing for incapacity, and keeping family matters private, a trust can make the estate administration process much smoother.
Gary Cors, a Florida native educated at USF and Stetson Law, has practiced wills, trusts, estates, probate, and real estate since 1999 while also teaching in Pasco-Hernando State College’s Paralegal Program.
