Florida US Legal Guide to Revocable Land Trusts
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FAQ
The Florida Land Trust Act allows a revocable trust to own real property. The trust, then, is owned by its beneficiaries. In fact, the beneficiary or beneficiaries have full control of the property and may even add additional property to 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).
The Florida Land Trust is an estate planning and asset protection tool that is used by U.S. citizens and foreign nationals for purposes of owning, transferring and managing real property. Florida Land Trusts are specifically provided for in Florida Statute Section 689.071.
Trusts are not public record, and for some, privacy is a key consideration when creating a trust. Unlike a last will and testament, a revocable trust does not get deposited with the probate court in the State of Florida upon the death of the Grantor or Settlor (i.e. person who created the trust).
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.
The Land Trust is created through the execution of two documents: 1) a Deed in Trust, where the real property is conveyed into the name of the Trustee in its fiduciary capacity as Trustee (not in its corporate capacity), and 2) a Florida Land Trust Agreement pursuant to which the Trustee administers the terms of the
A trust can be funded with almost any type of asset, such as: cash, stocks, bonds, real property, or even personal property. Out of state property can also be used to fund a trust, but will require a different process. Real property (land or homes) requires a deed to be transferred into the trust.
A revocable trust avoids probate by effecting the transfer of assets during your lifetime to the trustee. This avoids the need to use the probate process to make the transfer after your death. The trustee has immediate authority to manage the trust assets at your death; appointment by the court is not necessary.
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).
In a Florida Land Trust, real estate is conveyed from the grantor/owner to a trustee who then holds BOTH legal and equitable title to the property. Interestingly, to create a Florida Land Trust, the deed must never identify the beneficiary of the trust. The Florida Land Trust is usually created by three instruments.