In Florida, there are many types of trusts. There are living trusts, which are established when the person creating the trust is alive. Conversely, there is a testamentary trust, which is established within the will itself and takes effect upon death. To go even further, each type of trust can be broken down into 2 more types of trusts: Revocable & Irrevocable.
A revocable trust is created so you, also known as the grantor/settlor, can manage assets during your lifetime and distribute remaining assets after your death without any tax consequences or advantages. The trustee is the person who manages the assets of the trust and invests it, if applicable. Grantors may withdraw money or assets from the trust at any time and in any amount.
An irrevocable trust is established the same way as other types of trusts, but may not be amended or revoked except through court intervention or specific means allowed by the Trust. Once an asset or amount of money is transferred to an irrevocable trust with a designated beneficiary, these terms are final and cannot be easily changed. Irrevocable trusts are an important part of estate tax planning.