Living Trust Florida Laws

In the state of florida a living trust can be utilized to avoid probate upon the death of the grantor s of the trust.

Living trust florida laws.

Florida uses the uniform probate code which simplifies the probate process so making a living trust may be more trouble than it saves. Florida trusts are governed by chapter 736 of the florida statutes. In contrast to a revocable living trust a testamentary trust in florida is one that is formed upon the death of the trustmaker. In other words if someone dies with a revocable trust at.

And there is a 2 year statute of nonclaim. Florida has a simplified probate process for small estates. The problem is that florida law provides that revocable trust is liable for the estate debts of the decedent. Is a living trust a good idea for a single person or someone who doesn t have children.

This type of trust only lasts for the life of the animal and immediately terminates upon the animal s death. Florida law also allows a person to create a trust to care for their animals after they die. Small estates are those in which. Any property placed in an animal trust must be solely for the care of the animal.

A revocable living trust is one that is created during the lifetime of the trustmaker rather than forming upon the trustmaker 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. 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. 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.

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. The theory behind a living trust is that you create this artificial entity called a trust which has an independent existence. Often testamentary trusts are used as part of a last will and testament to. Iras 401 k s and keough plans are never eligible for placement in a revocable living trust.

The chapter is known as the florida trust code. 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 revocable living trusts vs. 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.