Creating a trust is a smart way to protect your assets, plan for the future, and potentially avoid probate in Florida. But before establishing a trust, it’s important to understand the key differences between revocable and irrevocable trusts. Each offers distinct advantages and limitations depending on your personal goals.



At Michael Greenwald, P.A., we help individuals and families throughout Broward County make informed decisions about their estate planning options, including which type of trust best suits their needs.

What Is a Revocable Trust?

A revocable trust, also known as a living trust, can be altered or revoked at any time during the grantor’s lifetime. This flexibility allows the person who creates the trust to:

• Add or remove assets
• Change beneficiaries
• Appoint or remove trustees

Benefits of a Revocable Trust:

• Avoids probate
• Allows for smooth management of assets during incapacity
• Offers privacy compared to a will

Drawbacks:

• Assets in a revocable trust are still considered part of the grantor’s estate for tax and creditor purposes

What Is an Irrevocable Trust?

An irrevocable trust cannot be changed or revoked once it’s been created (with limited exceptions). Assets placed in this trust are no longer owned by the grantor, which offers significant protection and tax advantages.

Benefits of an Irrevocable Trust:

• Shields assets from creditors and lawsuits
• Removes assets from the grantor’s taxable estate
• Can help qualify for Medicaid or other needs-based benefits

Drawbacks:

• Less control over the trust once it's established
• Changes typically require court approval or consent of all beneficiaries

Which Trust Is Right for You in Florida?

The right type of trust depends on your priorities. If flexibility and control are most important, a revocable trust may be the better option. If your goal is to reduce estate taxes, protect assets, or plan for long-term care eligibility, an irrevocable trust might be the right fit.

Factors to consider include:

• Your age and health
• Family dynamics
• Size and type of assets
• Whether you expect to need government benefits in the future

Get Legal Guidance in Broward County

Trust planning is not one-size-fits-all. At Michael Greenwald, P.A., we take the time to understand your unique situation and guide you through the pros and cons of each type of trust. If you live in Broward County and want to protect your future with a well-crafted estate plan, we’re here to help.