Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

How is a living trust different than a revocable trust?

Readers of this blog may have heard the term, living trust. Although it is an established option in estate planning, readers may have some questions about the control of assets and potential tax implications of this option. 

As background, keep in mind that a trust operates by placing legal title to certain assets in one person, the trustee, but designating another person to receive the benefits of those assets. In other words, the trustee and beneficiary of a trust are usually different individuals. 

The possible exception to the above rule is revocable trusts, where the creator of the trust may be both the trustee and beneficiary. However, revocable trusts do not offer the same tax benefits as other options, at least during the creator’s lifetime. In fact, since the assets are held in the creator’s name, a revocable trust generally does not require a separate tax identification number or the filing of a separate tax return.

A living trust can resemble the features of a revocable trust, while also planning for incapacity. For example, it can include a provision designating a successor trustee in the event that the creator becomes incapacitated. A successor trustee designation in a living will is similar to a power of attorney arrangement, except that it offers the greater flexibility of becoming effective only if the creator becomes incapacitated.

Both a revocable trust and a living trust do offer the benefit of avoiding probate upon the creator’s death. In such event, the successor trustee takes control of the trust and distributes assets to the trust’s beneficiaries, to the extent called for by the trust document.

For more information, check out our firm’s Miami estate planning page. 

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions