Revocable trusts Flashcards
1
Q
Revocable trust
A
A trust that may be revoked by the settlor without consent of trustee or person with adverse interest. § 736.0103
The settlor can choose to be a trustee or a beneficiary of his revocable trust
Under FL law, since 2007 if a trust is silent, the trust is deemed revocable. § 736.0602(1)
2
Q
Present transfer test
A
May have testamentary aspects, BUT if interest is created for beneficiary during life of testator, it is NOT a will replacement
3
Q
Can a revocable trust be contested?
A
Not until trust becomes irrevocable
