Estate Planning
Revocable Living Trusts in Florida: How to Set One Up and Why It Matters
Written by Blake Stewart | Florida Bar No. 84716 | Admitted 2010 | Florida Bankruptcy & Estate Planning Attorney
Avoid probate, protect your privacy, and ensure a seamless transfer of assets to your loved ones — without court involvement.
Estate Planning
What is a Revocable Living Trust?
A revocable living trust is a legal arrangement in which you (the "grantor") transfer ownership of your assets to a trust that you control during your lifetime. You serve as your own trustee, managing the assets just as you do today. You can change, amend, or revoke the trust at any time — hence the name "revocable."
When you pass away, the assets in the trust transfer directly to your named beneficiaries — without going through probate. This is the primary advantage of a revocable trust over a simple will.
Key Benefits of a Revocable Trust
Avoids Probate
Assets held in a revocable trust pass directly to beneficiaries without court involvement. Probate in Florida can take 6–24 months and cost 3–7% of the estate's value. A trust eliminates this entirely.
Maintains Privacy
Wills become public record when they go through probate. A trust is a private document — your family's financial affairs stay private.
Provides for Incapacity
If you become incapacitated, your successor trustee steps in to manage your assets without the need for a court-appointed guardianship.
Seamless Asset Transfer
Your beneficiaries receive their inheritance quickly and without the delays and costs of probate.
Flexibility
You retain full control of your assets during your lifetime. You can add or remove assets, change beneficiaries, or revoke the trust entirely.
Trust vs. Will — Which Do You Need?
Many clients benefit from having both. A revocable trust handles the bulk of your assets and avoids probate. A "pour-over will" works alongside the trust to capture any assets that weren't transferred into the trust during your lifetime. Our attorneys will help you determine the right combination for your situation.
How to Set Up a Revocable Living Trust in Florida
Setting up a revocable living trust in Florida involves four steps: drafting the trust document, executing it correctly, funding it with your assets, and naming the right people to serve as successor trustee and beneficiaries.
Step 1: Draft the trust document
A revocable living trust under Fla. Stat. Chapter 736 is created when you — the settlor — sign a written trust instrument expressing your intent to create a trust. The document names you as trustee (you manage everything yourself during your lifetime), names your successor trustee (who takes over when you die or become incapacitated), and names your beneficiaries (who receive the assets when you die). It also specifies the terms under which distributions are made — outright to beneficiaries at death, or held in continuing trusts for minor children, special needs beneficiaries, or other specific purposes.
In Florida, a trust document must be executed with the same formalities as a will to be valid: signed by the settlor in the presence of two witnesses under Fla. Stat. § 736.0403(2). Notarization is not required by statute but is strongly recommended — a notarized trust is self-proving and easier for institutions to accept. Florida law does not require a trust to be filed with any court; it remains entirely private.
Step 2: Choose your successor trustee carefully
Your successor trustee has full legal authority to manage and distribute trust assets when you die or become incapacitated. This person should be trustworthy, organized, and capable of handling financial matters — and ideally someone who will be readily available when needed. A spouse, adult child, sibling, or trusted friend can serve. Institutional trustees (banks, trust companies) are also available for larger or more complex estates, or when family dynamics make a neutral third party preferable.
Step 3: Fund the trust
This is the most critical and most commonly neglected step. A trust document sitting in a drawer with no assets transferred into it avoids nothing. Every asset intended to pass through the trust must be formally retitled into the trust's name. Real estate in Florida requires a new deed — typically a trustee's deed — recorded in the county where the property is located. Bank accounts and brokerage accounts must be retitled or have the trust named as beneficiary. Vehicles can be transferred, though in many cases POD designations or other mechanisms are more practical for vehicles.
An unfunded or partially funded trust is one of the most common estate planning failures. Assets left outside the trust at death pass through probate, defeating the primary purpose of the trust. Working with an attorney who follows up on funding — rather than just drafting the document — is worth the investment.
Step 4: Maintain and update
Because a revocable trust is fully revocable during your lifetime, you can amend it at any time to reflect changes in your family, assets, or wishes. Marriage, divorce, birth of a child, death of a named beneficiary, or a significant change in assets should all trigger a trust review. An outdated trust that no longer reflects your intentions is better than no trust — but a current one is what protects your family.
The Most Important Step: Funding Your Trust
A trust only works for assets that are inside it. This is the single most important concept in trust administration, and the one clients most often learn too late.
For Florida real estate: the property must be deeded from your individual name into the trust. This requires recording a new deed — naming you as trustee of your revocable trust — with the county property appraiser's office where the property is located. A properly drafted trustee's deed preserves your homestead exemption under Article X, Section 4 of the Florida Constitution. The recording does not trigger documentary stamp tax as long as you are both the grantor and the trustee.
For financial accounts: bank accounts, investment accounts, and brokerage accounts should be retitled in the trust's name, or the trust should be named as a transfer-on-death (TOD) or payable-on-death (POD) beneficiary. Contact each financial institution directly to update account ownership or beneficiary designations.
For retirement accounts: do not title retirement accounts (IRAs, 401(k)s) in the trust's name. Doing so can create significant adverse tax consequences. Instead, coordinate beneficiary designations on retirement accounts with the overall trust plan. In some cases, naming the trust as beneficiary of a retirement account is appropriate — but this requires careful tax analysis and should be discussed with your attorney.
For new assets: every time you acquire a new significant asset — purchase real estate, open a new account, receive an inheritance — it should be addressed in the context of your trust plan. Most clients who have a trust gap acquired new assets after establishing the trust without addressing how those assets would be transferred.
Frequently Asked Questions
How do I set up a revocable living trust in Florida?
A revocable living trust is created by signing a written trust instrument naming yourself as trustee, naming a successor trustee, and specifying your beneficiaries and distribution terms. Under Fla. Stat. § 736.0403(2), the document must be signed by the settlor in the presence of two witnesses. Once drafted and signed, the trust must be funded by retitling your assets — particularly real estate — into the trust's name. Without funding, the trust has no effect.
Do I need a will if I have a revocable trust in Florida?
Yes. A pour-over will is still necessary alongside a revocable trust for two reasons: it catches any assets not transferred into the trust at death and directs them into the trust, and — critically — it is the only document in which you can designate a guardian for minor children. No trust document can accomplish guardian designation.
What is the difference between a revocable and irrevocable trust?
A revocable trust can be amended or terminated at any time while you are alive and competent — you retain full control. An irrevocable trust permanently transfers assets out of your control and cannot be changed without court approval or beneficiary consent. Revocable trusts are the primary tool for probate avoidance and incapacity planning. Irrevocable trusts are used for asset protection, Medicaid planning, and certain tax strategies that require giving up control of the assets.
Does a revocable trust avoid probate in Florida?
Yes — but only for assets that have been properly transferred into the trust. Assets held in the trust's name at your death pass directly to your beneficiaries under the trust's terms without court involvement. Assets left outside the trust that have no other transfer mechanism — no beneficiary designation, no joint ownership — still pass through probate.
Does a revocable trust protect assets from creditors in Florida?
No. Because you retain full control of a revocable trust during your lifetime, your creditors can still reach those assets. The trust is treated as your own property for creditor purposes while you are alive. Asset protection requires irrevocable trust structures that permanently transfer ownership and control.
Is a revocable trust private in Florida?
Yes. A trust is never filed with a court during the settlor's lifetime. At death, assets pass through the trust without probate, which means no public inventory of assets, no public beneficiary list, and no public filing of the trust's terms. This is a significant privacy advantage over a will, which becomes part of the public court record when probated.
How long does it take to set up a revocable trust in Florida?
A standard revocable trust, pour-over will, and supporting documents can typically be drafted and executed in one to two weeks from initial consultation. More complex plans involving multiple properties, business interests, or blended family considerations may take two to four weeks. At Stewart Law, we use flat-fee pricing for standard estate planning documents, and most clients complete the process in two appointments.
Statutes Referenced: Fla. Stat. Chapter 736 (Florida Trust Code) · Fla. Stat. § 736.0403(2) (trust execution requirements) · Fla. Stat. § 736.0602 (revocation and amendment) · Fla. Stat. § 736.0802 (trustee duties) · Fla. Const. Art. X § 4 (homestead exemption)
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