Revocable Trust for Single Individual
(Pot Trust for Children) (FL)

Summary

This template Revocable Trust for Single Individual (Pot Trust for Children) is for use in Florida for an unmarried individual as part of a wealth transfer plan to benefit the settlor's children. Upon the settlor's death, assets are held in a single trust for the benefit of the Settlor's children. This template contains practical guidance, drafting notes, alternate clauses, and optional clauses. This trust holds all of the trust assets in a single "pot" trust, known as the family trust in the Agreement, upon the settlor's death. The trustee will administer the assets of the family trust for the benefit of the settlor's children until the youngest child reaches the age of 21. The trustee has broad discretion in providing for the children and is not required to treat them equally. When the youngest child reaches the age of 21, the trustee divides the family trust assets into individual trusts for each child and the issue of any predeceased child. Revocable trusts are commonly used for several reasons: as a will substitute for probate avoidance, to hold out-of-state property, and in anticipation of the settlor's incapacity. To ensure that all of the settlor's assets are properly transferred to the beneficiaries, a revocable trust should be used together and coordinated with a pour-over will. The settlor can amend or revoke the revocable trust until their incapacity or death. If authorized by a statutory durable power of attorney and the revocable trust, the settlor's attorney-in-fact under a statutory durable power of attorney can amend or revoke the trust after the settlor's incapacity. A revocable trust can be used to avoid a guardianship proceeding if the settlor becomes incapacitated after establishing the trust. Instead of a court-appointed guardian, the successor trustee would manage any assets in the revocable trust upon the settlor's incapacity. For assets not held in the revocable trust upon the settlor's incapacity, the settlor's attorney-in-fact under a statutory durable power of attorney could transfer the assets into the trust for management by the trustee. This trust template is intended as a general drafting aid for nontaxable estates and will require modification according to the particular circumstances of the settlor and the beneficiaries. For a full listing of key content related to estate plans for single people in Florida, see Estate Plan for Single Individual Resource Kit (FL). For more information on revocable trusts, see Characteristics and Uses of Trusts (FL), Requirements and Restrictions on Trust Purposes and Administration (FL), and Revocation, Amendment, and Termination of Trusts (FL). For a letter to a client regarding the importance of funding a revocable trust, see Letter to Client (Funding Revocable Trust) (FL).