Living Trust Florida Laws

A revocable living trust allows you to buy additional real estate at any time during your lifetime in the name of the trust whether in florida or outside the state.

Living trust florida laws.

The revocable or living trust is often promoted as a means of avoiding probate and saving taxes at death and is governed by chapter 736 florida statutes. The problem is that florida law provides that revocable trust is liable for the estate debts of the decedent. Florida law also allows a person to create a trust to care for their animals after they die. The chapter is known as the florida trust code.

A revocable living trust is one that is created during the lifetime of the trustmaker rather than forming upon the trustmaker s death. It is much more difficult for heirs to contest a revocable living trust than it is for them to contest a will plus it is much quicker to make beneficiary distributions with a. In fact the florida supreme court holds that the preparation of a living trust by anyone other than a licensed attorney constitutes the unauthorized practice of law. Florida revocable living trusts vs.

In the state of florida a living trust can be utilized to avoid probate upon the death of the grantor s of the trust. Any property placed in an animal trust must be solely for the care of the animal. The theory behind a living trust is that you create this artificial entity called a trust which has an independent existence. Florida uses the uniform probate code which simplifies the probate process so making a living trust may be more trouble than it saves.

In contrast to a revocable living trust a testamentary trust in florida is one that is formed upon the death of the trustmaker. Iras 401 k s and keough plans are never eligible for placement in a revocable living trust. In florida it is not always possible to add your home to your trust or you may need special language in the trust agreement to make this possible due to restrictions in the law. The basic parts of a florida revocable living trust.

Small estates are those in which. Is a living trust a good idea for a single person or someone who doesn t have children. Florida has a simplified probate process for small estates. This type of trust only lasts for the life of the animal and immediately terminates upon the animal s death.

The revocable trust has certain advantages over a traditional will but there are many factors to consider before you decide if a revocable trust is best suited to your overall estate. A living trust is a trust that a florida resident makes during their lifetime for their own benefit and for the benefit of a spouse and designated people after their death. Florida trusts are governed by chapter 736 of the florida statutes. Often testamentary trusts are used as part of a last will and testament to.