Most Florida trusts fall into one of two families: revocable or irrevocable. They serve very different goals, and choosing between them comes down to a single trade-off: control versus protection.
Revocable trusts: flexibility and control
A revocable living trust can be changed, amended, or cancelled at any time while you are alive and competent. You typically serve as your own trustee and use the assets freely. The main benefit is avoiding probate and planning for incapacity. The trade-off: because you still control the assets, they remain part of your taxable estate and are generally not shielded from creditors.
Irrevocable trusts: protection and planning
An irrevocable trust generally cannot be changed once created, and you give up direct control of the assets you place in it. In exchange, a properly designed irrevocable trust can offer real advantages: protection from certain creditors, potential estate-tax savings, and long-term-care (Medicaid) planning.
Which is right for you?
For many Florida families, a revocable living trust is the everyday workhorse for avoiding probate. Irrevocable trusts are powerful tools for specific goals—asset protection, tax planning, or protecting a loved one. The right choice depends on your assets and priorities, which is worth mapping out with an attorney.