A living trust is a powerful tool that many people incorporate into their estate plan. Living trusts separate ownership of assets from possession and use. When you create one, you make the trust the owner of the property you transfer into it. You name a trustee, who will manage trust assets, and you designate beneficiaries who will benefit from them.
Determining whether to make a living trust or not can be complicated, as can the process of actually creating and funding your trust. Fortunately, you don’t have to manage it alone. The Edwards Law Firm is here to help.
Benefits of a Living Trust
To decide if you should make a living trust, consider these major advantages provided by this estate planning tool.
Living trusts allow you to be the trustee of your own assets
When you create a living trust, you do not have to give up control over whatever property you transfer into it. The trust owns the asset, but you can name yourself as the trustee so you are able to manage all of the assets that are held within the trust.
Revocable living trusts can also be modified or changed if you need to. Or, as the name suggests, you can revoke them as well. This means there’s not much of a trade-off in terms of giving up the ability to do what you want with your assets after creating this type of trust.
This is different from irrevocable trusts that do require you to give up a lot more control over your assets. Now, because you still have so much power including the ability to revoke the trust, the protection living trusts provide for your assets isn’t as quite as strong. And you are still subject to estate taxes on assets that transfer through the trust if your estate is large enough.
Still, many people find the ability to continue to manage their own assets makes this estate planning tool very desirable. You can talk with an experienced attorney about whether a living trust is the best tool for you or whether you should explore other alternatives such as an irrevocable trust.
You can name someone to manage your property in case of incapacity
When you create a living trust, you name a successor trustee. This is an individual that you select who you feel would be capable of effectively managing your assets if you become incapacitated and are not able to manage them yourself.
Naming a successor trustee is an important part of your incapacity plan. It means that there’s no question about who is going to be in charge of your money or property held within the trust. Your loved ones won’t have to get a guardian appointed in court, and you won’t have to consider whether whomever is appointed is capable of effectively managing your affairs.
If you become incapacitated, the successor trustee can simply take over and the process will be seamless, giving your loved ones one less thing to worry about at a difficult time of life as they cope with your illness or injury.
Your heirs won’t have to worry about probate
Generally, assets are transferred through the probate process. This takes place in court. Information about these court proceedings can become public record. It can also take time for the probate process to be completed, which can leave your loved ones in a tough spot as they wait for their inheritance to come.
If you make an estate plan that includes a living trust, the assets in the trust are transferable through the trust administration process instead of the probate process. This is a much faster, easier, and more private option for being able to transfer your money and property to your family members or other chosen heirs.
If your estate plan is able to address most or all of the assets that you owned, your heirs may be able to skip the probate process altogether. This means no one is going to have to figure out how to navigate the court system during a difficult time of life when they are coping with grief.
There’s also less chance of the problems arising in trust administration that could arise during probate, such as someone contesting a will. Now, trusts can be challenged, but if you create your trust a long time before you pass away and manage assets within it for years, it is a lot less likely that a challenge to its validity is going to be successful.
Is a Living Trust Right For You?
As you can see, there are huge benefits to making a living trust. In fact, you should seriously consider talking with an estate planning attorney to better understand what this tool could do for you and whether it should be part of your legacy plan.
At The Edwards Law Firm, you can work with an experienced estate planning attorney serving Jacksonville, St. Augustine, Fernandina Beach, Mandarin, and the surrounding areas of Northeast Florida. We can help you at every step to understand what tools you need to secure your legacy. Give us a call today at 904.672.7600 to get started on making your plans and ensuring your heirs are provided for in the best and most efficient way possible. There are many living trust benefits and we’re here to help you understand them.
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