{"id":14095,"date":"2026-11-13T15:57:41","date_gmt":"2026-11-13T15:57:41","guid":{"rendered":"https:\/\/trustcounsel.com\/resources\/resources-how-to-administer-a-trust-in-florida\/what-is-the-difference-between-a-living-trust-and-a-revocable-trust\/"},"modified":"2026-11-13T17:00:20","modified_gmt":"2026-11-13T17:00:20","slug":"what-is-the-difference-between-a-living-trust-and-a-revocable-trust","status":"publish","type":"page","link":"https:\/\/trustcounsel.com\/resources\/resources-how-to-administer-a-trust-in-florida\/what-is-the-difference-between-a-living-trust-and-a-revocable-trust\/","title":{"rendered":"Living Trust vs. Revocable Trust in Florida"},"content":{"rendered":"\n
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Florida Trusts & Estates | Coral Gables<\/p>

Living Trust or Revocable Trust? What the Difference Means in Florida<\/h1>

Two common labels, one important question: who controls the trust during your lifetime, and what happens to it when you can no longer manage it?<\/p>

Book a free discovery call<\/a><\/div>
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By Leslie V. Marenco \u00b7 Published November 13, 2026<\/p>\n\n

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When a parent’s health changes, estate planning terms start coming fast. “Living trust” and “revocable trust” often get used as if they mean the same thing.<\/p>\n

They mostly overlap. A living trust is any trust created while the settlor is alive. A revocable trust is a living trust the settlor can still change or cancel.<\/p>\n

A Living Trust Is the Category, and a Revocable Trust Is the Usual Type<\/h2>\n

A living trust is a trust created while the settlor is alive. A revocable trust is a living trust the settlor can still change or cancel. Most living trusts families discuss are revocable, but a living trust can also be irrevocable.<\/p>\n

The other main route is a testamentary trust. A will creates it, and it takes effect at death. A trust may be created by transfer of property to a trustee during the settlor’s lifetime or by a will or other disposition taking effect at death, by the owner’s declaration that the owner holds identifiable property as trustee, or by exercise of a power of appointment in favor of a trustee (Fla. Stat. \u00a7 736.0401<\/a>).<\/p>\n

Florida’s default favors flexibility. Unless a trust’s terms expressly say it is irrevocable, the settlor may revoke or amend it, though this default does not apply to a trust created under an instrument signed before the Florida Trust Code took effect (Fla. Stat. \u00a7 736.0602<\/a>). That default is the core of the difference.<\/p>\n

In many family plans, the settlor also serves as the first trustee. So day-to-day control usually does not change on the day the trust is signed. The change comes later, when the settlor can no longer act or dies.<\/p>\n\n

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Not sure what your next step is?<\/h3>

Talk it through with Trust Counsel, PL — the first discovery call is free, confidential, and carries no obligation.<\/p>

Get a free discovery call<\/a><\/div>
Get a free discovery call<\/a><\/div><\/div>\n<\/div>\n\n
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Grantor, Trustee and Beneficiary: Who Does What<\/h2>\n

Every trust has three roles. The settlor, often called the grantor, creates the trust. The trustee manages the trust property under its terms. The beneficiaries receive the benefit of that property.<\/p>\n

A trust controls only what has been moved into it. Retitling a home or bank account in the trust’s name is called funding. The Consumer Financial Protection Bureau<\/a> explains that a revocable living trust requires assets to be transferred into the trust, and that it may help avoid probate.<\/p>\n

Florida trusts follow the Florida Trust Code<\/a>, which is Chapter 736 of the Florida Statutes.<\/p>\n

Trust Counsel’s attorneys can serve individually as trustee or personal representative. A personal representative (often called an executor) handles a deceased person’s estate through probate. The firm advises and represents trustees, personal representatives and beneficiaries. That is the firm’s role in these matters, and it helps each side understand its duties.<\/p>\n

Revocable vs. Irrevocable: The Key Differences<\/h2>\n

The main difference is control. A settlor can change a revocable trust. An irrevocable trust generally cannot be changed or revoked. Here is how the two compare.<\/p>\n\n

\n\n\n\n\n\n\n
Feature<\/th>\nRevocable trust<\/th>\nIrrevocable trust<\/th>\n<\/tr>\n<\/thead>\n
Changes<\/td>\nSettlor can amend or revoke<\/td>\nGenerally cannot be changed unless the terms allow it<\/td>\n<\/tr>\n
Control of assets<\/td>\nSettlor typically keeps control during life<\/td>\nSettlor generally gives up that control<\/td>\n<\/tr>\n
Estate tax<\/td>\nAssets generally stay in the taxable estate<\/td>\nMay have different gift and estate tax results<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n

Florida adds a rule about the trustee’s duties. While a trust is revocable, the trustee’s duties are owed to the settlor alone (Fla. Stat. \u00a7 736.0603<\/a>).<\/p>\n

Can you change a revocable living trust?<\/h3>\n

Yes, if the trust allows it and the settlor has the required capacity. Florida sets that capacity at the same level needed to make a will (Fla. Stat. \u00a7 736.0601<\/a>).<\/p>\n

If the trust names no method, a later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed under the trust can work, as can any other method showing clear and convincing evidence of the settlor’s intent (Fla. Stat. \u00a7 736.0602<\/a>).<\/p>\n

Why Families Choose a Revocable Living Trust<\/h2>\n

Families usually choose a revocable trust to manage property, plan for incapacity and keep distribution terms out of the court process. Each goal works only as well as the trust’s funding and drafting allow.<\/p>\n

Property outside the trust may still go through probate. The trust does not reach everything by default.<\/p>\n

Incapacity is a major reason families act early. Under Fla. Stat. \u00a7 736.0704<\/a>, a vacancy in a trusteeship occurs if a person designated as trustee declines the trusteeship, cannot be identified or does not exist, a trustee resigns, is disqualified or removed, dies, or is adjudicated to be incapacitated; if one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. For a noncharitable trust, a vacancy that is required to be filled must be filled in the following order of priority (Fla. Stat. \u00a7 736.0704<\/a>). The first choice is the successor trustee named in the trust. Next comes a person the qualified beneficiaries agree on unanimously. The court comes last.<\/p>\n

An agent under a power of attorney, or a guardian of the settlor’s property, can use the settlor’s trust powers only as Florida law allows (Fla. Stat. \u00a7 736.0602<\/a>). That limit is one reason a funded trust can be useful. Under Fla. Stat. \u00a7 736.0602(2)(a)<\/a>, when a revocable trust is created or funded by more than one settlor, the trust may be revoked by either spouse acting alone to the extent it consists of community property, but may be amended only by joint action of both spouses. It is not a substitute for planning.<\/p>\n

A trust often keeps distribution terms out of the court process. A will must pass through that process to take effect over property. Whether a trust fits depends on the facts, including the family’s assets, health and goals.<\/p>\n

Disadvantages of an Irrevocable Living Trust<\/h2>\n

The main drawback of an irrevocable living trust is that the settlor generally cannot change its terms or take the property back. That permanence is the trade-off for the planning goals it can serve.<\/p>\n

Other trade-offs include reduced control over property once it is transferred. Ongoing administration also brings record-keeping and tax filings that many families underestimate. By contrast, while a trust is still revocable, the trustee’s duties are owed to the settlor alone, and, subject to certain limits in Florida law, the trustee may follow a settlor’s direction that is contrary to the trust’s terms (Fla. Stat. \u00a7 736.0603<\/a>).<\/p>\n

ACTEC on irrevocable trusts<\/a> distinguishes irrevocable trusts from other trust types. It also warns that some promoted trust structures can create tax and creditor-protection risks.<\/p>\n

Each irrevocable trust has its own terms. Its drawbacks turn on how it was drafted, so a general list cannot settle the question for any one family.<\/p>\n

Does a Revocable Trust Avoid Estate or Inheritance Tax?<\/h2>\n

No, a revocable trust generally does not avoid estate tax by itself. Federal law includes in a decedent’s gross estate property transferred into a trust when the decedent kept a power to alter, amend, revoke or terminate it at death, or relinquished such a power during the 3 years before death (26 U.S.C. \u00a7 2038<\/a>).<\/p>\n

A revocable trust is a management and probate tool. Estate tax planning is a separate analysis. It looks at the whole estate, not only the trust. Families who ask about inheritance tax should expect that same separation between trust management and tax analysis.<\/p>\n

Is a revocable trust part of my taxable estate?<\/h3>\n

Generally, yes. Under federal law, property a settlor moved into a revocable trust is generally counted in the gross estate at death. That is why the trust itself rarely changes the estate tax result.<\/p>\n\n

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Not sure what your next step is?<\/h3>

Talk it through with Trust Counsel, PL — the first discovery call is free, confidential, and carries no obligation.<\/p>

Get a free discovery call<\/a><\/div>
Get a free discovery call<\/a><\/div><\/div>\n<\/div>\n

Living Trust vs. Living Will: Two Different Documents<\/h2>\n

A living trust manages property. A living will states health-care wishes. The two are often confused because both use the word “living,” but they do different jobs.<\/p>\n

A pour-over will directs any assets still in the settlor’s name at death into the trust. Under Florida law, a will is ineffective to prove title to, or the right to possession of, a decedent’s property until it is admitted to probate in Florida or in the state where the decedent was domiciled (Fla. Stat. \u00a7 733.103<\/a>). That is why a funded trust works best alongside a will.<\/p>\n

A power of attorney can cover property and decisions the trust does not reach. A funded trust does not replace a will, a power of attorney or a living will. Each document does one job in the plan.<\/p>\n

Florida Points to Check Before Setting Up a Revocable Living Trust<\/h2>\n

A revocable trust works only for assets that are actually moved into it. Assets left in the settlor’s name generally still go through probate. A common mistake is signing the trust and never retitling the house or bank accounts.<\/p>\n

Florida law also says a devise to a trustee is not invalid just because the trust is amendable or revocable (Fla. Stat. \u00a7 732.513<\/a>). That rule matters when a pour-over will points to a trust that can still change.<\/p>\n

Keep records of each transfer. A deed, an account retitling form or a written assignment shows what moved into the trust. Those records help the successor trustee, and they help the family answer questions later.<\/p>\n

When the settlor dies, the trust’s terms govern what happens next, and the successor trustee steps in. Trust administration after a death is a separate process with its own steps.<\/p>\n

Talk Through Your Family’s Situation on a Free Discovery Call<\/h2>\n

If you are reading this because a parent is ill or has recently died, you may be facing a decision sooner than you planned. You may be asking whether the family home and bank accounts should move into a trust before a health change. You may also be asking who would step in as successor trustee if a parent could no longer act.<\/p>\n

Trust Counsel, PL is based in Coral Gables, Florida, and that is its only office. Leslie V. Marenco is responsible for this page. The firm’s free discovery call is confidential and comes with no obligation to continue. To set one up, call (305) 707-7126 or schedule online<\/a>.<\/p>\n\n

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Frequently Asked Questions<\/h2>
Is a living trust the same thing as a revocable trust?<\/summary>

Often, yes. “Living” describes when the trust is created (during the creator’s lifetime), while “revocable” describes whether the creator can change or cancel it. Most living trusts are revocable.<\/p><\/details>

Can a living trust be irrevocable?<\/summary>

Yes. A trust created during your lifetime can be irrevocable, which generally means you cannot change or cancel it on your own once it is set up.<\/p><\/details>

Does a revocable trust avoid probate?<\/summary>

It can help, but only for assets that are properly transferred into the trust during the creator’s life. Assets left outside the trust may still pass through probate.<\/p><\/details>

Who manages a revocable trust while the creator is alive?<\/summary>

The creator usually serves as trustee and keeps control of the trust assets. A successor trustee named in the trust steps in if the creator dies or can no longer manage the assets.<\/p><\/details><\/article>\n