What is a Florida revocable trust?
A Florida Revocable Trust is a trust that is prepared by a Florida Grantor who is domiciled in Florida and the trust can be altered, amended or revoked. A revocable trust may also be known as a living trust or a revocable living trust. Prepared by a Florida grantor the person making the trust for their property they would be known as a Florida living trust or a Florida Revocable living trust. A Revocable Trust is a technique a that can be used for administration of assets, both during the grantor’s lifetime and after death.
A revocable trust typically provides that property be managed for the grantors benefit. In most cases, the grantor retains certain rights over the trust during lifetime. These rights generally include the right to instruct the trustee to pay over all or any portion of the trust property, as the grantor desires, and the right to change or revoke the trust at any time. The trustee’s powers typically include the right to make discretionary distributions of income and principal to the grantor and, sometimes, to the grantor’s family, if the grantor becomes incapable of managing his or her own affairs. When a grantor dies, the trust operates as provided for in the trust agreement. While the trust may be distributed outright upon the grantor’s passing if desired unlike a basic Florida will (one that does not contain a testamentary trust) it does not need to immediately pass to the beneficiaries.