Revocable Living Trust in Gainesville, FL

What is a revocable living trust in Florida?

A Florida revocable living trust is an estate planning document that functions a lot like a will. Assets are placed into trust, and at the death of the person who made the trust, the trust assets are distributed to beneficiaries in the manner described by the trust instrument.

During the lifetime of the person who creates the trust, that person has complete control over all trust assets. Indeed, as the name implies, a revocable living trust can be revoked. That means that the person who makes the trust can take back everything in the trust at any point until death, as long as that person is not incapacitated.

Although revocable living trusts are often called a “will substitute,” a will is almost always still used in conjunction with the living trust. The will used in conjunction is called a “pour over will” and exists mostly to move into the trust any assets still outside of the trust.

Whether you should use a revocable living trust depends on your individual circumstances. There are numerous advantages and disadvantages of using a revocable living trust, so a well-considered estate plan will avoid “one size fits all” solutions and instead be designed around your individual needs. If you are curious as to whether a revocable living trust would be a good fit for you, consider booking a free consultation with an estate planning attorney.

What are the requirements to create a revocable living trust?

In Florida, a revocable living trust must be executed with all the formalities of a will. In other words, the trust document must be signed by the trust creator in the presence of two witnesses who must also sign in the presence of the trust creator and in the presence of each other. It is also wise to have the document notarized.

Does a revocable living trust need its own tax id?

No, a revocable living trust does not need its own tax identification number as long as the person who made the trust is still alive and serves as trustee. All the taxable income and losses of the living trust will be attributed to the person who made the trust.

However, after the trust creator dies, the revocable living trust becomes irrevocable and the new trustee will at that point need to obtain a tax id for the trust.

If I move to Florida from another state, do I need to create a new living trust?

No, as long as the trust was properly executed under the stated laws in which it was created, you likely do not need to create a new living trust. Florida recognizes living trusts created in another state when properly created and executed under that state’s laws. Thus, if you are moving to Florida, you do not necessarily have to create a new living trust in order for that trust to enforced under Florida law.

How many living trusts can you have?

There is no limit on how many living trusts you can have. You could legally create thousands of living trusts if you wanted to. That being said, most people only need one.

It used to be commonplace for estate planners to advise married clients to create at least two trusts in order to avoid estate taxes. The second trust was called a “bypass trust.” However, the law has since changed, eliminating the need to create a bypass trust most of the time.

When does a living trust expire?

Typically, a living trust expires whenever the declaration of trust says the trust expires. In other words, the trust itself determines the answer to this question. However, no matter what the trust says, in Florida a trust cannot exist for longer than 360 years.

Does a Florida revocable trust need to be notarized?

No, a living trust does not need to be notarized in Florida to be valid. However, in some circumstances a certificate of trust will need to be recorded, which requires that the certificate be notarized. However, this is typically only a concern when real estate is moved into the trust.

How can I get a living trust in Gainesville, FL?

The best way to get a living trust is to visit a Gainesville trust attorney. If you are looking for a trust attorney, you might consider typing “trust attorney near me” into a search engine. Look for a lawyer the focusses on trust as a primary practice area.

Or you can just give Blakely Moore a call. He is a double gator that calls Gainesville home. He’s proud to be your Hogtown lawyer.