REVOCABLE LIVING TRUST AGREEMENT

(Florida – Draft Template)

[// GUIDANCE: This template is designed for use by Florida‐licensed attorneys. Adapt, expand, or delete bracketed language as appropriate for the client’s objectives, family structure, tax posture, and asset profile. Confirm that all property to be retitled to the Trust is nonqualified or, if qualified (e.g., IRAs), that beneficiary designations are coordinated.]

TABLE OF CONTENTS

1. Document Header
2. Definitions
3. Creation of Trust; Funding; Revocation & Amendment
4. Dispositive Provisions During Settlor’s Lifetime
5. Dispositive Provisions Upon Settlor’s Death
6. Management & Administrative Provisions
7. Trustee Powers, Duties, Indemnification & Liability Caps
8. Successor Trustee Provisions
9. Default & Remedies
10. Risk Allocation
11. Dispute Resolution
12. General Provisions
13. Execution Block
14. Schedule A – Assignment of Assets
15. Schedule B – Successor Trustee Acceptance

1. DOCUMENT HEADER

Revocable Living Trust Agreement (the “Agreement”) made effective as of [EFFECTIVE DATE] (the “Effective Date”), by and between:

• [SETTLOR FULL LEGAL NAME], residing at [ADDRESS] (“Settlor”); and
• [INITIAL TRUSTEE FULL LEGAL NAME], residing at [ADDRESS] (“Trustee”).

Recitals

A. Settlor desires to create a revocable trust under Florida law to (i) manage assets during Settlor’s lifetime, (ii) provide for Settlor and Settlor’s beneficiaries, and (iii) dispose of trust assets at Settlor’s death outside of formal probate.
B. Trustee is willing to accept and hold in trust all property delivered to Trustee.
C. This Agreement is intended to comply with Chapter 736, Florida Statutes (the “Florida Trust Code”) and related provisions of Florida law.

NOW, THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the parties agree as follows:

2. DEFINITIONS

For purposes of this Agreement, capitalized terms have the following meanings:

“Accounting Period” – Each calendar year ending December 31, unless Trustee selects a different 12-month period.
“Applicable Law” – All laws, regulations, and court orders of the State of Florida and, to the extent not pre-empted, of the United States.
“Beneficiary” – Any person or entity entitled to receive distributions of income or principal, whether current, remainder, vested, or contingent.
“Dispositive Event” – Settlor’s death, incompetency, or written direction to distribute trust property.
“Family Trust” – The testamentary sub-trust, if any, established under Section 5.2.
“Grantor Trust Rules” – §§ 671–679 of the Internal Revenue Code of 1986, as amended.
“Income” & “Principal” – Determined in accordance with Fla. Stat. § 738.102 unless Trustee makes adjustments under a power granted herein.
“Incumbent Trustee” – The individual or corporate trustee then serving.
“Trust Assets” – All property, tangible or intangible, real or personal, transferred to or later acquired by the Trust, including reinvestments.
“Trust Estate” – Same as Trust Assets.
[Add additional defined terms as needed]

3. OPERATIVE PROVISIONS

3.1 Creation of Trust

Settlor hereby transfers, assigns, and delivers to Trustee the property described on Schedule A and such additional property as may be conveyed to Trustee from time to time, to be held, managed, and distributed per this Agreement.

3.2 Revocation & Amendment

3.2.1 Reserved Power. Settlor may revoke or amend this Trust, in whole or in part, at any time by a signed written instrument delivered to Trustee.
3.2.2 Effectiveness. Revocation is effective upon Trustee’s receipt; amendment is effective upon acceptance by Trustee.
3.2.3 Incapacity of Settlor. If Settlor becomes incapacitated, the revocation power may be exercised only by Settlor’s court-appointed guardian with court approval, unless Section 3.2.4 applies.
3.2.4 Durable Power Alternative. If Settlor has executed a durable power of attorney expressly authorizing trust modifications, the agent may exercise such power to the extent permitted under Fla. Stat. § 709.2202(1)(b).

3.3 Additions to Trust

Settlor or any other person may at any time add property to the Trust by assignment, deed, beneficiary designation, or other valid conveyance.

3.4 Situs & Governing Law

This Trust is created and shall be administered in accordance with the laws of the State of Florida without regard to conflict-of-law rules, except as pre-empted by federal law.

4. DISPOSITIVE PROVISIONS DURING SETTLOR’S LIFETIME

4.1 Income & Principal for Settlor. During Settlor’s lifetime, Trustee shall distribute to or for Settlor’s benefit so much or all of the net income and principal as Settlor requests or, if Settlor is incapacitated, as Trustee deems advisable for Settlor’s health, education, maintenance, or support, considering other resources known to Trustee.

4.2 Beneficiary Add-Ons. Settlor may direct Trustee in writing to make gifts to individuals or charities; such gifts shall not be deemed an amendment unless expressly stated.

5. DISPOSITIVE PROVISIONS UPON SETTLOR’S DEATH

[// GUIDANCE: Revise gift plan, sub-trust structures, and tax allocations based on client goals.]

5.1 Payment of Debts, Taxes, & Expenses. Trustee shall pay Settlor’s enforceable debts, final expenses, and estate or inheritance taxes attributable to Trust Assets, as permitted by Fla. Stat. § 733.607.

5.2 Family Trust or Credit Shelter Trust. If tax planning is desired, insert formula provisions.

5.3 Specific Bequests. Upon Settlor’s death, Trustee shall distribute the following:
• [ITEM] to [BENEFICIARY]
(Add list)

5.4 Residuary Trust Estate. The balance shall be distributed outright or in continuing trusts as follows:
a. 50 percent to [BENEFICIARY];
b. 50 percent to [BENEFICIARY], or their issue per stirpes.

5.5 Spendthrift Protection. Interests of Beneficiaries are subject to a spendthrift clause under Fla. Stat. § 736.0502; no interest may be voluntarily or involuntarily transferred before actual receipt.

6. MANAGEMENT & ADMINISTRATIVE PROVISIONS

6.1 Trust Accounting. Trustee shall provide annual written accountings to Settlor (or, after Settlor’s death, to the current Beneficiaries) in accordance with Fla. Stat. § 736.0813 unless waived in writing.

6.2 Consolidation of Trusts. Trustee may combine trusts having identical Beneficiaries and dispositive provisions to reduce administrative costs.

6.3 Tax Status. This Trust shall be treated as a grantor trust during Settlor’s lifetime. Upon Settlor’s death, sub-trusts shall be separate taxpayers unless otherwise provided.

6.4 Asset Transfer Procedures. Trustee shall coordinate with personal representatives, custodians, and title companies to retitle assets into the name: “[TRUSTEE], as Trustee of the [SETTLOR] Revocable Living Trust dated [DATE].”

7. TRUSTEE POWERS, DUTIES, INDEMNIFICATION & LIABILITY CAPS

7.1 Powers

Trustee shall have all powers granted by Florida law, including Fla. Stat. §§ 736.0815 & 736.0816, and those enumerated below, which are not exclusive:
a. Invest and reinvest without limitation by statute or fiduciary “legal list.”
b. Employ and compensate professionals.
c. Form or participate in entities; exercise voting rights.
d. Allocate receipts and disbursements between income and principal.
e. Make non-pro rata distributions and divide or distribute in kind.
f. Lend or borrow on such terms as Trustee deems appropriate.

7.2 Standard of Care

Trustee shall act as a prudent fiduciary would, consistent with the Florida Prudent Investor Rule, Fla. Stat. § 518.11.

7.3 Indemnification

The Trust shall indemnify the Trustee against all claims, liabilities, and expenses arising from administration of the Trust, except to the extent caused by Trustee’s willful misconduct or gross negligence (“Trustee Indemnity”).

7.4 Limitation of Liability

Trustee shall not be personally liable; any liability shall be limited to the Trust Assets (“Liability Cap”).

8. SUCCESSOR TRUSTEE PROVISIONS

8.1 Resignation. Trustee may resign by giving 30 days’ written notice to Settlor (or, after Settlor’s death, to the Qualified Beneficiaries).

8.2 Removal. Settlor may remove Trustee at any time by written notice. After Settlor’s death, a majority of the adult Qualified Beneficiaries may remove Trustee for cause.

8.3 Appointment of Successor Trustee.
Order of Succession:
a. [FIRST SUCCESSOR TRUSTEE];
b. [SECOND SUCCESSOR TRUSTEE];
c. A trust company meeting the criteria in Fla. Stat. § 660.41, selected by a majority of adult Qualified Beneficiaries.

8.4 Acceptance & Assumption. Each Successor Trustee shall execute Schedule B, acknowledging fiduciary obligations.

8.5 Transfer of Records & Property. Upon resignation or removal, the prior Trustee shall promptly deliver all Trust Assets and records to the Successor Trustee and sign any documents of transfer.

9. DEFAULT & REMEDIES

9.1 Events of Default
a. Trustee breach of fiduciary duty determined by final court order;
b. Trustee’s failure to deliver accountings within 60 days after written demand;
c. Trustee incapacity or insolvency.

9.2 Cure Period. Trustee may cure a default within 30 days after written notice (or longer if curing reasonably requires).

9.3 Remedies
a. Removal and appointment of Successor Trustee;
b. Surcharge against Trustee limited to Trust Assets;
c. Injunctive relief for trust enforcement;
d. Attorneys’ fees and costs to prevailing party, chargeable as determined by the court.

10. RISK ALLOCATION

10.1 Insurance. Trustee may maintain liability, casualty, and property insurance as deemed prudent. Premiums are payable from income or principal.

10.2 Force Majeure. Trustee shall not be liable for delay or failure to act caused by acts of God, war, pandemics, governmental orders, or other events beyond Trustee’s reasonable control.

11. DISPUTE RESOLUTION

11.1 Governing Law. This Agreement and Trust administration shall be governed by Florida trust law.

11.2 Forum Selection. Exclusive venue for all judicial proceedings arising hereunder shall be the Probate Division of the Circuit Court in [COUNTY], Florida.

11.3 Optional Arbitration. Any dispute otherwise within the court’s jurisdiction may, upon unanimous written agreement of all Qualified Beneficiaries and the Trustee, be submitted to binding arbitration administered in Florida under the Florida Arbitration Code, Chapter 682, Florida Statutes.

11.4 Injunctive Relief. Nothing herein limits a court’s authority to issue equitable relief to enforce trust provisions.

[// GUIDANCE: Jury trial waiver omitted; probate proceedings in Florida are non-jury as a matter of law.]

12. GENERAL PROVISIONS

12.1 Amendment & Waiver. Except as provided in Section 3.2, no modification is effective unless in writing and signed by Settlor and acknowledged by Trustee.

12.2 Assignment. Beneficiaries may not assign, pledge, or encumber beneficial interests.

12.3 Successors & Assigns. This Agreement binds and inures to the benefit of the parties’ successors and assigns, including any Successor Trustees.

12.4 Severability. If any provision is held invalid, the remaining provisions shall be given effect to the maximum extent permitted.

12.5 Entire Agreement. This instrument constitutes the entire agreement between the parties regarding the Trust.

12.6 Counterparts & Electronic Signatures. This Agreement may be executed in counterparts, each deemed an original, and signatures may be electronic under Fla. Stat. § 668.50.

13. EXECUTION BLOCK

IN WITNESS WHEREOF, Settlor and Trustee have executed this Revocable Living Trust Agreement as of the Effective Date.

| _____ | _______ |
| [TRUSTEE NAME], Trustee | Date |

WITNESSES

(Recommended for will-substitute reliability under Fla. Stat. § 732.502)

1. _________ (Print & Sign)
2. _________ (Print & Sign)

NOTARY ACKNOWLEDGMENT

State of Florida
County of [COUNTY]

The foregoing instrument was acknowledged before me this ___ day of ____, 20__, by [SETTLOR NAME] and [TRUSTEE NAME].

Notary Public, State of Florida
My Commission Expires: ____

14. SCHEDULE A – ASSIGNMENT OF ASSETS

[// GUIDANCE: Detail each asset or use blanket assignment language.]

1. Primary residence located at [LEGAL DESCRIPTION]
2. Brokerage account No. [XXXX] at [INSTITUTION]
3. Membership interest in [LLC NAME]
4. Any and all tangible personal property presently owned by Settlor.

15. SCHEDULE B – SUCCESSOR TRUSTEE ACCEPTANCE

I, [NAME], hereby accept appointment as Successor Trustee under the [SETTLOR] Revocable Living Trust Agreement dated [DATE], acknowledge receipt of a copy of the Agreement, and consent to be bound by its terms.

[NAME], Successor Trustee
Date: _______

[// GUIDANCE: Conduct separate review for federal estate/gift tax exposure, marital deduction planning, GST considerations, homestead issues (Fla. Const. art. X, § 4), and Medicaid eligibility implications before finalizing.]