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 settlor's 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 settlor's directions as explained in the trust agreement.

Because the settlor's 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 settlor.

Also, because the trust is revocable, the settlor 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 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.