Revocable Trust and Pour-Over Will in Key Biscayne

How much do estate planning attorneys in Key Biscayne, Florida typically charge for a revocable trust and pour-over will package?

There is no single price for a revocable trust and pour-over will package in Key Biscayne, and this page does not quote one. The cost follows the work the plan needs, and that work depends on the facts of each family. Trust Counsel offers a free, confidential first consultation with no obligation to continue, and the scope of work is discussed there before any engagement.

Several factors change the work and the cost:

• Number and type of assets. Bank and brokerage accounts, retirement accounts and life insurance each need a check against the plan.
• Florida real property. A home is usually moved into a trust by a new deed, and that step needs its own review.
• Business interests. A family business may need a review of its ownership documents and a plan for who takes over.
• Out-of-state or foreign property. Property in another place may need separate review.
• Existing documents. An older will or trust must be read, and it may need updating.
• Beneficiary designations. These must match the plan, so each one needs review.

A plan with one bank account and one home is far simpler than a plan with a family company and property in two states. Ask about these items early so you know what the plan involves.

What a pour-over will does in Florida

A pour-over will is a will that leaves property to a revocable trust you already have. Its job is to catch what the trust does not hold. Florida law allows a will to leave property to the trustee of a trust that exists when the will is made, if the will identifies that trust. Fla. Stat. § 732.513 also says a devise is not invalid just because the trust is revocable.

Unless the will says otherwise, property left to the trust becomes part of the trust’s principal. It is then handled under the trust’s own terms.

The will is a backup, not a shortcut. So an account opened late or property acquired after signing can pass under the will to the trust, and unless the will provides otherwise, it becomes part of the trust’s principal rather than being held in a separate testamentary trust. Florida’s Probate Code uses the term “personal representative,” which is often called an executor.

How the revocable trust and pour-over will work together

A revocable trust is a document that holds property and sets how it is managed and distributed. The person who creates it is the settlor. Unless the trust says it is irrevocable, the settlor may revoke or amend it.

While the trust is revocable, the trustee owes its duties exclusively to the settlor. That is why a revocable trust is often used for a plan the settlor still controls.

The sequence works like this. Assets titled in the trust pass under the trust’s terms. Anything left outside the trust pours into it through the will and is then handled under the trust. Keep in mind that a pour-over will does not avoid probate by itself. Funding the trust is the step that keeps more property out of probate. Funding means deeds for Florida real estate, retitling accounts, and reviewing beneficiary designations. A fuller discussion of probate avoidance is on the firm’s trust-based estate plan page.

Who can serve as trustee or personal representative

Trust Counsel’s attorneys can serve individually as trustee or personal representative. The firm advises and represents trustees, personal representatives and beneficiaries. The firm does not serve as trustee or personal representative itself.

Florida law sets basic qualifications. Florida’s probate code sets an order of preference for who may serve as personal representative. In a testate estate, the first preference goes to the personal representative named in the will. Fla. Stat. § 733.301 sets this order.

A named trustee may also decline. A designated trustee who does not accept within a reasonable time after learning of the designation is treated as having declined. Fla. Stat. § 736.0701 explains this rule. Naming a backup matters for this reason.

Whether a family member, a trusted individual, or an attorney should serve depends on the family’s circumstances.

Drafting mistakes that lead to later disputes

Most later problems start with a gap between the documents and the property. Common errors include:

• An unfunded trust. A trust with no assets in it leaves the plan to the will and to probate.
• Conflicting beneficiary designations. An account form that names someone else can conflict with the trust plan.
• Outdated successor trustee language. A named successor may no longer be the right choice.
• Unclear distribution standards. Vague rules for minors or relatives with special needs invite questions later.

Execution matters too. A will must be signed at the end by the testator, or by another person in the testator’s presence and at the testator’s direction, and the testator’s signing or acknowledgment of the signature must be in the presence of at least two attesting witnesses. The witnesses must sign in the presence of the testator and of each other. Fla. Stat. § 732.502 sets these rules. A will can be made self-proved under Fla. Stat. § 732.503. Errors in these steps can make a document harder to use later. A fuller discussion of drafting errors and beneficiary disputes is on the firm’s related page.

Next step for a Key Biscayne family

If you are looking at a parent’s or spouse’s plan after an illness, a death, or a new property purchase, you may not know which documents exist. That is a common starting point, and it is a good time to get answers. We serve clients in Key Biscayne. Our only office is in Coral Gables.

Leslie V. Marenco is the responsible lawyer for this page. You can reach the firm at (305) 707-7126 or schedule online to book a free, confidential first consultation. For more on Florida estate planning, see the firm’s estate planning and probate attorney page for Key Biscayne.

Common questions