Miami-Dade Florida US Legal Guide to Revocable Land Trusts

Category:

Trusts - Revocable

State:

Multi-State

County:

Miami-Dade

Control #:

US-GDE-07

Format:

Instant download

Description

This guide provides an overview of revocable land trusts. Topics coverd include benefits of a revocable land trust, how to select a trustee, beneficiaries, and how to create a land trust.

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FAQ

There are 5 main purposes of a Florida revocable living trust: 1) avoid probate court; 2) avoid guardianship court; 3) give you control after death; 4) avoid guardianship court for minor children 5) asset protection for your beneficiaries; and 6) protection for individuals with special needs.

If your main goal is to avoid probate court, so long as you have assets that will not pass through probate then you will not need a trust. However, if you have assets that will pass through probate, the a Florida revocable living trust will be a good idea.

Some of the Cons of a Revocable Trust Shifting assets into a revocable trust won't save income or estate taxes. No asset protection. Although assets held in an irrevocable trust are generally beyond the reach of creditors, that's not true with a revocable trust.

Florida trust laws state that a trust is created only if: The settlor has capacity to create a trust. The settlor indicates an intent to create the trust. The trust has a definite beneficiary or is a charitable trust, a trust for the care of an animal, or a trust for a noncharitable purpose.

The Florida Trust Code explicitly sets forth the trustee's duty to inform and account. 6 A trustee must provide an accounting to the beneficiaries annually, when there is a change of the trustee and on the termination of the trust.

No, a revocable living trust does not need to be recorded in Florida. A living trust document is a private and confidential agreement between the grantor (person setting up the trust) and the trustee (person with legal title to the trust assets).

A Florida Revocable Trust is a document that allows you to transfer ownership of most of your assets from yourself to the Trust, with you (or someone you choose) as the Trustee. You may hear Revocable Trusts also referred to as ?Living Trusts? or ?Revocable Living Trusts? in Florida.

The Florida Land Trust is a fully revocable grantor trust drafted specifically to buy, hold, finance and sell Florida real estate or other personal property in a confidential or private manner pursuant to the Florida Land Trust Act that was adopted by the Florida legislature in 2006.

Trusts aren't considered public record, and thus trustees may deny a contesting party's request to review certain records.

Miami-Dade Florida US Legal Guide to Revocable Land Trusts

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Why have a revocable trust in Florida?

Do you need a revocable living trust in Florida?

What are the disadvantages of a revocable trust?

What makes a trust valid in Florida?

Is trust accounting required in Florida?

Does a revocable trust need to be recorded in Florida?

Are revocable trusts valid in Florida?

Is a Florida land trust revocable?

Are trust documents public record in Florida?

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