Choosing the Right Trust for Your Florida Estate Plan
Trusts are powerful tools in estate planning—but not all trusts are created equal. The two most common types are revocable and irrevocable trusts. Each serves different purposes, offers unique benefits, and comes with its own set of rules. Understanding the difference is essential when building a Florida estate plan that protects your assets and honors your intentions.
What Is a Revocable Trust?
A revocable trust, also known as a living trust, is flexible and can be changed or revoked at any time during your life. You retain full control of the trust assets and typically serve as your own trustee. When you pass away, your named successor trustee distributes the trust assets according to your instructions—without going through probate.
Advantages of a revocable trust include:
- Avoids probate for assets placed in the trust
- Remains private (unlike a will, which becomes public record)
- Allows for seamless management of assets if you become incapacitated
- Easy to modify as your circumstances change
What Is an Irrevocable Trust?
An irrevocable trust is a more permanent arrangement. Once it’s created, you cannot easily change the terms or regain control of the assets. For this reason, irrevocable trusts are typically used for specific legal or tax benefits, rather than day-to-day estate management.
Benefits of an irrevocable trust may include:
- Protection from creditors and lawsuits
- Potential estate tax reduction for high-net-worth individuals
- Preservation of eligibility for Medicaid or long-term care planning
Because you no longer own the assets once they’re transferred into the trust, they’re often excluded from your taxable estate and shielded from personal liabilities.
Which Type of Trust Is Right for You?
If your primary goal is to simplify your estate and avoid probate, a revocable trust is likely the better option. It’s commonly used in Florida estate plans and works well for most families. If you’re concerned about asset protection, estate tax exposure, or government benefits eligibility, an irrevocable trust may be worth exploring—with guidance from an experienced estate planning attorney.
In some cases, both types of trusts can work together as part of a layered strategy to protect your legacy and plan for the future.
Get Help Choosing the Right Trust
At Yelen Yelen & Simon, P.A., we help Florida clients build trust-based estate plans tailored to their specific needs and goals. Whether you need privacy, protection, or long-term control, we’ll guide you to the right solution. Call (305) 445-3721 or visit https://www.yelen-yelen.com/contact/ to get started today.