This enables properly created trust assets to avoid the delays and costs associated with a Florida Probate. Florida’s new trust code requires that to be eligible to create a Florida Trust, you must some nexus or connection with the state of Florida.
Some additional benefits of a Florida Revocable Trust are that the way in which the assets are distributed are not public like with a will or assets that pass under the state’s intestate statutes.
Assets that are to pass to young children can be held for them until they become responsible or reach a predefined age.
There are no tax consequences of having assets in a revocable trust in Florida. Once the creator (grantor or settlor) dies, the trust is converted into an irrevocable trust and a Federal Employee number must be obtained.
If you are considering a Florida Revocable Trust, have a revocable trust from another state, or want to find out how a Florida Revocable Trust can benefit you, contact a Florida Revocable Trust Attorney or a Florida Living Trust Lawyer for more information.