Living Trust Florida Laws

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

Living trust florida laws.

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. 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. Florida uses the uniform probate code which simplifies the probate process so making a living trust may be more trouble than it saves. In other words if someone dies with a revocable trust at.

Florida has a simplified probate process for small estates. Often testamentary trusts are used as part of a last will and testament to. Small estates are those in which. This type of trust only lasts for the life of the animal and immediately terminates upon the animal s death.

Any property placed in an animal trust must be solely for the care of the animal. Iras 401 k s and keough plans are never eligible for placement in a revocable living trust. The theory behind a living trust is that you create this artificial entity called a trust which has an independent existence. Florida revocable living trusts vs.

Your living trust which you rely upon to speak for you when you cannot should be drafted by a qualified florida elder law attorney with experience in estate planning a complicated area of law. 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. And there is a 2 year statute of nonclaim. 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 contrast to a revocable living trust a testamentary trust in florida is one that is formed upon the death of the trustmaker. 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 basic parts of a florida revocable living trust. 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. 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. 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. Is a living trust a good idea for a single person or someone who doesn t have children.