Living Revocable Trust

A revocable living, or inter vivos, trust is created and funded during the settlors' lifetime.  According to Florida law it is a separate entity and can hold assets.  During the settlors' lifetime, they maintain control of and enjoyment of the trust assets.  Immediately upon their death, the successor trustee, who they have named, takes over and follows the settlors' directions as explained in the trust agreement.

Because the settlors' assets are owned by the trust, and the trust never dies, there is no need for the assets to go through probate.  Instead, control of the assets transfers to the successor trustee upon the death or incapacity of the last settlor.

Also, because the trust is revocable, the settlors can change the terms of the trust and transfer assets in to and out of the trust as they please.  The trust only becomes irrevocable upon the death of the last settlor.

The living trust is different from a testamentary trust because a testamentary trust is created through a person's will.  Because it is neither created nor funded during the settlor's lifetime, this type of trust does not avoid probate.  Additionally, because it does not go into affect until after death, it does not assist in the event of the settlor's incapacity.