What are the Different Florida Trusts?

Credit: Griswold Homecare

Revocable Living Trusts

As the name suggests, a living trust (also known as an “inter vivos” trust), which is created while the grantor is still alive. It is used to house assets to be maintained by a trustee on the behalf of the beneficiary. It is “revocable” because the grantor can change the terms of the trust at any time.

Irrevocable Trusts

Irrevocable trusts take control of the property from the grantor once the trust is put in place. The assets placed in this trust are no longer the property of the grantor OR the beneficiary — they are the property of the trust. They are a great resource for estate planning, as they allow property to pass to beneficiaries without having to worry about probate/estate taxes.

Credit: The Senior List
Credit: CDC

Testamentary Trusts

A testamentary trust goes into effect upon the death of the grantor. They are perfect for someone who wants to transfer assets to their beneficiary with additional conditions for receipt of trusts. They are also irrevocable.

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Mark Shalloway

Mark Shalloway

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Mark Shalloway is an elder and special needs care attorney in West Palm Beach, Florida.