What Is a Revocable Living Trust?
A revocable living trust (also called a revocable trust or living trust) is a legal document that creates a trust during the grantor's lifetime. The grantor transfers assets, including real property, into the trust and names a trustee to manage them. In most cases, the grantor serves as their own trustee during their lifetime, maintaining full control over the assets.
The primary purpose of a revocable living trust is to avoid probate. When the grantor dies, assets held in the trust pass directly to the named beneficiaries without going through the probate court, saving time and maintaining privacy.
Florida Legal Context
Revocable trusts in Florida are governed by the Florida Trust Code, Chapter 736, Florida Statutes. Key provisions include:
- Full revocability — The grantor can amend, modify, or completely revoke the trust at any time during their lifetime, as long as they have legal capacity.
- Homestead compatibility — Property held in a revocable trust can still qualify for the homestead exemption and creditor protection if the trust beneficiary is a natural person who uses the property as their primary residence.
- Pour-over will — Most Florida estate plans pair a revocable trust with a pour-over will that directs any assets not already in the trust to be transferred into the trust at death. The pour-over will still goes through probate, but the trust itself does not.
- No separate tax ID — During the grantor's lifetime, the revocable trust uses the grantor's Social Security number. No separate tax return is required until the grantor dies.
Why Florida Residents Use Revocable Trusts
- Probate avoidance — Florida probate can take 6 to 18 months and involves court filings, attorney fees, and public disclosure of assets. Trust assets bypass this entirely.
- Privacy — Probate is a public proceeding. Anyone can look up what a decedent owned and who inherited it. Trust distributions are private.
- Incapacity planning — If the grantor becomes incapacitated, the successor trustee steps in to manage the trust assets without the need for a court-appointed guardian.
- Multi-state property — If you own property in multiple states, a trust avoids the need for ancillary probate in each state.
Related Terms
- Trust — The general legal concept
- Probate — The court process a trust avoids
- Trustee — The person who manages the trust
- Beneficiary — The person who receives trust assets
- Irrevocable Trust — A trust that cannot be changed after creation
Barnes Walker Trust Services
Barnes Walker's estate planning attorneys draft revocable living trusts tailored to Florida law, including homestead considerations, trust funding, and coordination with the firm's title company for real property transfers. Request a legal inquiry to discuss your estate plan.
Florida Law Reference
Fla. Stat. Ch. 736 (Florida Trust Code)
The Florida Trust Code governs the creation, modification, and administration of trusts, including trustee duties, beneficiary rights, and trust termination.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC