The difference between a revocable trust vs. an irrevocable trust is that the settlor has control over the assets of a revocable trust during the settlor’s life. This means that the settlor can make changes to the trust or revoke it. Once the settlor dies, the Miami trust automatically becomes becomes irrevocable. The assets are not subject to probate, but there are notice requirements.
Once the person who made the trust (the settlor) makes an irrevocable trust, has no control over the assets because they are transferred in the name of the trust. The assets are for the benefit of the beneficiaries. Once the settlor dies, the assets are held in the trust or distributed to the beneficiaries in accordance with the trust instrument. Assets placed in an irrevocable trust are not subject to probate nor the claims of the deceased person’s creditors because they were no longer assets that were owned by the settlor while the settlor was alive.
Since trust matters and trust litigation matters are fairly complex, it is recommended that if you are a party to a trust matter, you seek the advice of an experienced and qualified Miami probate and estate attorney to assist you with handling the matter. A qualified Miami estate attorney understands Florida trust and probate laws and can represent a beneficiary or trustee in a Florida trust matter. If you wish to speak to a Miami estate attorney, call the Law Offices of Albert Gurevich at (786) 522-1411.