Trusts are powerful estate planning tools that help Florida residents protect their assets, avoid probate, and provide for loved ones with clarity and control. Choosing the right type of trust depends on your goals, risks, and long-term vision.
What is a Trust?
A trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. Trusts can be used to direct how and when your property is distributed — even while you’re still alive.
- Control Distribution – Set conditions or timelines for beneficiaries to receive assets.
- Avoid Probate – Assets placed in a trust bypass the court process.
- Maintain Privacy – Unlike wills, trusts are not public record.
Revocable Trusts in Florida
Revocable trusts (also called living trusts) can be changed, updated, or canceled at any time during your lifetime. They’re popular for flexibility and probate avoidance.
- Remain in Control – You can serve as trustee and manage the assets yourself.
- Avoid Probate – Assets pass directly to beneficiaries upon death.
- Plan for Incapacity – A successor trustee can step in if you’re unable to manage affairs.
Example of a Revocable Trust
John, a Tampa homeowner, places his house and savings into a revocable trust. He acts as his own trustee and names his daughter as the successor trustee. If he becomes incapacitated, she takes over without needing court approval. After John’s death, the trust distributes his assets directly to his children, avoiding probate entirely.
Irrevocable Trusts in Florida
Irrevocable trusts cannot be altered or revoked once created. These are typically used for advanced asset protection and tax strategies.
- Shield Assets – May protect against lawsuits and creditors.
- Tax Planning – Useful for large estates and minimizing estate taxes.
- Gifting & Medicaid Planning – Transfer assets while retaining control through a trustee.
Example of an Irrevocable Trust
Maria, who owns multiple properties across Florida, establishes an irrevocable trust to protect her assets and reduce estate tax exposure. She places a rental property and a life insurance policy into the trust, managed by an independent trustee. These assets are now beyond the reach of creditors and will not count toward her taxable estate at death.
Are you wondering if a living trust is worth it in Florida? Discover the key benefits of creating a living trust, including avoiding probate, protecting your assets, and maintaining privacy for your estate. In this video, we break down how living trusts work in Florida, who should consider one, and the financial and legal advantages they offer.
Whether you're planning your estate or looking to protect your loved ones from costly court processes, understanding the power of a living trust in Florida could be a crucial step. Watch now to learn if it's the right move for your situation.
Which Trust is Right for You?
Choosing between a revocable or irrevocable trust depends on your current assets, your future concerns, and the level of control you want to retain. We help clients in Tampa build custom trust strategies that fit their unique situations.
- Revocable Trusts – Ideal for general planning, control, and probate avoidance.
- Irrevocable Trusts – Best for asset protection, tax reduction, and high-value estates.
Explore Related Topics
Want to dive deeper into Florida estate strategies? Explore our guides on avoiding probate, what to include in your estate plan, or how a power of attorney fits into your plan.
Trusts offer more than protection, they offer peace of mind, continuity, and smart planning for the people you care about most.
Florida Trusts FAQ: Revocable vs. Irrevocable Trusts Explained
Absolutely. In a revocable trust, you typically act as your own trustee and retain full control. You can buy, sell, or manage the assets as you would outside of the trust.
A trust offers more advantages than a will, including avoiding probate, maintaining privacy, and providing for incapacity. However, many estate plans use both a trust and a will to ensure full protection.
A trust allows you to control how and when your assets are distributed to your beneficiaries. In Florida, trusts also help avoid probate, maintain privacy, and provide protection in the event of incapacity.
Individuals with high-value estates, those seeking asset protection from creditors, or those planning for long-term care or Medicaid eligibility should consider irrevocable trusts.
A revocable trust can be changed or canceled during your lifetime, offering flexibility and control. An irrevocable trust is permanent and typically used for asset protection and tax planning, as the assets are removed from your personal estate.
Yes. Any assets placed in a properly funded trust pass directly to your beneficiaries upon your death, bypassing the lengthy and public probate process entirely.