Trust Planning in Florida. Build the Right Trust, Not Just Any Trust
A good trust should make life easier. It should keep things private, spell out who is in charge, and help your family act fast when it matters. At Smith Will & Trust, we design Florida-specific trusts that work in the real world, coordinated with your accounts, deeds, and business interests.
Our attorneys meet with clients from Tampa and St. Petersburg, and we serve families across Tampa Bay and Central Florida. Whether you need a basic revocable trust to avoid probate or a more sophisticated structure for tax planning or special-needs protection, we can help.
So…what kind of trust actually fits your goals?
Different goals call for different tools. We explain your options in plain English so you can choose the trust that really matches your needs.
Revocable Living Trusts
These are the most common type of trust in Florida. A revocable living trust keeps you in control while you are alive, allows you to manage or change your plan at any time, and helps your family avoid the public, court-supervised probate process after your death—if it is funded correctly.
Revocable trusts can:
- Centralize instructions in one document.
- Provide disability management if you become incapacitated.
- Keep asset transfers private and efficient after death.
But revocable trusts do not protect your assets from your own creditors while you are alive. If asset protection is your priority, we will discuss other tools.
Irrevocable Trusts
When control is not the top priority, irrevocable trusts can provide powerful planning advantages. They are commonly used for:
- Tax-aware gifting and legacy planning.
- Protecting assets for future generations.
- Planning for long-term care or Medicaid eligibility.
- Charitable purposes or structured giving.
Spouses may also consider a Florida Community Property Trust to maximize potential tax basis adjustments. We carefully explain what rights you give up and what benefits you gain so there are no surprises.
Special Needs Trusts
If you have a child or loved one with special needs, a properly drafted trust can protect their eligibility for benefits like SSI or Medicaid while still allowing them to receive supplemental support. We design first-party and third-party special needs trusts that meet federal and Florida requirements and improve quality of life without jeopardizing assistance programs.
Charitable Trusts
Charitable remainder trusts and charitable lead trusts let you give to the causes you care about while potentially reducing income and estate taxes. We help you set them up in a way that supports your charitable goals while also taking care of family beneficiaries.
What revocable trusts do (and don’t) in Florida
Revocable trusts do provide clarity, privacy, and disability management. They let your successor trustee step in quickly if something happens to you and keep assets moving without court supervision.
Revocable trusts don’t shield assets from your own creditors during your lifetime. The Florida Trust Code is clear: while the settlor is alive, creditors generally have access to trust assets just as if you owned them outright. If you need asset protection, we will discuss alternatives such as LLCs or irrevocable trusts.
Irrevocable tools when you need more structure
Sometimes the right plan means giving up a bit of control to gain long-term benefits. Irrevocable trusts can be used to hold life insurance, make structured gifts to children or grandchildren, or protect family wealth from creditors or spendthrift risks.
We also work with blended families and business owners to create dynasty trusts or other structures that keep assets managed for multiple generations. If taxes, creditor protection, or special instructions matter, irrevocable trusts may be the right choice.
How we build your trust plan (start to finish)
Our process is designed to be simple and transparent.
Listen First:
We start with your family, assets, “what-ifs,” and non-negotiables.
Design in Plain English :
We outline options and trade-offs so you know what each choice means.
Draft & Execute Correctly:
We meet Florida formalities and confirm trustees, successors, and powers are set up correctly.
Fund the Trust:
We coordinate deeds, titles, and beneficiary designations so assets are actually owned by the trust.
Keep it Current:
Life changes—marriage, divorce, new children, business sales—trigger free checklists and optional reviews so your plan stays updated.
Funding: the step most people skip
A beautifully drafted trust is useless if no assets are titled in it. We help clients take the crucial step of funding their trusts. This includes:
- Preparing and recording real estate deeds into the trust.
- Retitling bank, brokerage, and retirement accounts where appropriate.
- Updating beneficiary designations to coordinate with your plan.
Funding your trust is what allows your family to avoid probate later. We make this step easy with checklists, letters to financial institutions, and follow-up support.
After it’s signed: keeping the trust on track
Florida law requires trustees to keep beneficiaries reasonably informed and to provide accountings. We set up a practical system so trustees can succeed with their duties. Our team provides calendars, sample notices, and reminders so the trust stays compliant.
If you are serving as trustee for someone else, we can guide you through your fiduciary responsibilities, including:
- Investing prudently under the Florida Prudent Investor Rule.
- Distributing income and principal according to the trust terms.
- Filing tax returns when required.
Good administration keeps beneficiaries informed and reduces the chance of disputes later.
Who we help (quick scan)
- Parents
- Retirees
- Blended families
- Physicians
- Entrepreneurs
- Caregivers
- Charitably-minded families
Whether you are just starting out or planning for multiple generations, we build trusts that match your goals and Florida law.
Where We Meet (and Who to Call)
We routinely serve clients across Tampa Bay and Central Florida, and an Orlando hub is available by appointment.
- Tampa Office: 4830 W. Kennedy Blvd., Suite 600, Tampa, FL 33609
- St. Petersburg Office: 360 Central Ave., Suite 800, St. Petersburg, FL 33701
FAQs
Do I still need a will if I have a trust?
Yes. A “pour-over” will catches any assets outside your trust and names guardians for minor children. We include one with every trust-based plan.
Can I change or revoke my trust?
If it is revocable, yes—by the settlor—consistent with the Florida Trust Code. If there are multiple settlors, both may need to agree. Irrevocable trusts typically require beneficiary consent or court approval to modify.
Will a revocable trust protect my assets from creditors?
No. Creditors can reach revocable trust assets during your lifetime to the same extent as if you owned them personally.
What does a trustee have to do each year?
Trustees must act prudently, keep beneficiaries informed, and provide accountings. We offer checklists and support so trustees meet their obligations.