Trust
A Florida Property Trust is a valuable tool for property owners who want flexibility, privacy, and peace of mind knowing what will happen to their property should they pass away or become incapacitated. Below is a brief explanation how a Florida Property Trust is formed, some of the benefits, and how it works.
A Florida Property Trust is formed by recording a Deed, which transfers the real estate to the named Trust. A trustee then holds title to the real estate on behalf of one or more beneficiaries. The names of the beneficiaries are not named in the recorded instrument, thereby providing privacy. The trustee holds title but makes no decisions affecting the property except as directed by the Beneficiaries. The Beneficiaries in turn get to use the property just as if they owned it outright.
Benefits of a Florida Property Trust:
- Anonymity – The names of the Trust Beneficiaries remain anonymous, as only the trustee’s name appears in the public records.
- Flexibility – The beneficial interests in a land trust can be easily transferred using simple Assignment documents. The Trust Agreement can also appoint successor Trustees and/or Beneficiaries in the event of the original beneficiary’s death, thereby avoiding probate.
- Beneficiaries of the Trust can be a Florida limited liability company, which can further stipulate ownership stakes in the property in the Operating Agreement.
- Verbiage is added to the Deed which empowers the Trustee to convey the property without the need to review the Florida Property Trust Agreement. This maintains the confidentiality of the Beneficiaries of trust.
- Florida Homestead exemption is allowed for properties owned by Beneficiaries who utilize property as their primary residence. An Affidavit is filed with the county property appraiser’s office.
Florida Property Trust Questionnaire
Please fill out the trust questionnaire completely. Our Florida Property Trust Agreement contains provisions for the trustee to manage the property on behalf of the beneficiaries – just as if ownership has not changed. Select successor trustees to manage the property if the primary trustee is unavailable. Select one or more beneficiaries of the trust and the percentage of the property they receive. You may leave any special powers or desired restrictions in the Special Instructions box below.
