Q: How is a revocable living trust converted to a irrevocable dynasty trust upon the death of the settlor?

A: You will want to speak with an attorney in the state where you are domiciled and reside as a resident (where your homestead is and where you spend the majority of your time), I mention this because it will be important related to all of your estate planning with things such as your Will, Living Will, Durable Power of Attorney, Nomination of Guardian, HIPAA Waiver, Florida Healthcare Surrogate and so forth. There are a number of states that are extremely good as far as it relates to a Dynasty Trust, for instance, Florida can last up to 360 years plus, that is a long time. South Dakota currently claims and lists itself as unlimited and perpetual (I am sure this has been discussed in some version of a seminar), but no matter, you would need to speak with an attorney from any specific state where you want your Trust drafted. I am of the definite and strong opinion that your Trust and related estate planning documents should have a situs of the state where you are living (for this it appears to be Florida). You also need to have a discussion based on your immediate needs and goals for yourself/spouse/children/grandchildren related to the Trust. Your overall assets will also have an impact as currently for 2022 you can put up to $12.06 million into a Trust (doubled for a married couple) with no tax consequences. If your estate is substantially larger, you will want and need to discuss and understand your options further. This forum is not set up or appropriate for the details you will need and want to discuss, you will no doubt need to speak with individual attorneys and weigh your options form there and get further details and specifics based on your precise goals and needs.