Good post. I'd be interested in hearing from others about Revocable Living Trusts (RLT) in general. Leaving all properties to the spouse is easy. Do a normal 'sweetheart' will. Everything goes to the surviving spouse. Everyone does it.
I don't believe there are any probate considerations. I do know that the estate transfers free of any inheritance taxes.
A Revocable Living Trust can be useful in transferring property after both spouses die. It's easier, private, and avoids probate, even though there is some incremental cost over a will. Wills are often free, since there is a payday waiting for the lawyer upon death. With an RLT, most of the legal hassle is moved up front.
To your question about out of state real estate: Do the trust in Florida. Maybe even use a discount mill. We did. They do volume and we found little downside if you do your homework. PM me if you'd like more info.
Once the trust is established, title has to be transferred. Location of the property is irrelevant, but the title transfer has to be clean, so it may require a local attorney. Real estate is the main asset in our trust. Other assets (bank accounts, brokerage accounts, life insurance, annuities) can be transferred directly and do not necessarily have to be retitled. Just make sure the beneficiary information is correct.
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