Best Trusts Lawyers in Florida

About Trusts Law in Florida, United States

A trust is a legal arrangement where one party, known as the trustee, manages assets on behalf of another, called the beneficiary. Trusts are used for various reasons, including estate planning, protecting assets, tax planning, and ensuring that a person’s wishes are carried out after their passing. In Florida, trusts are widely used due to the state’s favorable laws for estate planning and asset protection. Florida law recognizes many types of trusts, including revocable living trusts, irrevocable trusts, special needs trusts, and charitable trusts.

Why You May Need a Lawyer

People commonly seek legal help with trusts for a variety of situations. A lawyer can:

• Help you create a trust tailored to your needs and wishes
• Ensure your trust complies with Florida law and does not have legal defects
• Advise you about the best type of trust for your unique circumstances
• Update or modify existing trusts to reflect changes in relationships or financial situations
• Assist with trust administration, especially when a loved one passes away
• Help resolve disputes involving trustees or beneficiaries
• Ensure your trust coordinates properly with your will and other estate planning documents

Trusts can be complex, and mistakes can have costly consequences, so legal guidance is often critical.

Local Laws Overview

Florida has specific laws governing the creation and administration of trusts. Here are some important aspects:

• The Florida Trust Code (Chapter 736, Florida Statutes) is the primary body of law governing trusts in the state
• Florida allows both revocable and irrevocable trusts. Revocable trusts can be changed or canceled, while irrevocable trusts usually cannot be altered after they are created
• A trust must be in writing and signed by the creator (the grantor) to be valid
• Trustees in Florida have fiduciary duties, meaning they must act in the best interest of the beneficiaries and follow the trust’s instructions
• Florida law provides mechanisms for challenging or modifying a trust under certain circumstances, like undue influence or incapacity
• There are specific rules concerning homestead property, creditor protection, and the rights of spouses and minor children in Florida trusts
• Trusts can help avoid probate, which is the court process for settling a person’s estate after death

Frequently Asked Questions

What is the difference between a will and a trust?

A will takes effect after you pass away and goes through probate, while a trust can take effect immediately and can help assets pass to beneficiaries without probate.

Do I need a lawyer to create a trust in Florida?

While it is possible to create a trust without a lawyer, it is strongly recommended to consult one, as errors in drafting can undermine your intent and lead to legal challenges.

Can I be the trustee of my own trust?

Yes, in most cases you can serve as the trustee of a revocable living trust during your lifetime in Florida. You can also name a successor trustee to take over upon your death or incapacity.

What are the main benefits of having a trust?

Trusts can help avoid probate, provide privacy, protect assets from creditors, manage assets for minor or disabled beneficiaries, and offer greater control over how and when beneficiaries receive assets.

How do trusts help avoid probate in Florida?

Assets held in a properly funded trust pass directly to beneficiaries according to the trust terms, bypassing the probate process, which streamlines asset distribution and preserves privacy.

Can a trust be contested or challenged?

Yes, trusts can be contested in Florida, typically on grounds like lack of capacity, undue influence, fraud, or improper execution. Legal advice is essential if you suspect a trust is invalid.

What is a revocable living trust?

A revocable living trust is a trust you create during your lifetime that you can modify or cancel. It is a popular estate planning tool in Florida for those who want flexibility and probate avoidance.

Are trusts subject to state or federal taxes?

Some trusts may be subject to federal income or estate taxes, and Florida does not have a state income tax or estate tax. However, the nature and structure of the trust determine its tax consequences, so professional guidance is valuable.

What is a trustee and what are their duties?

A trustee is a person or institution appointed to manage trust assets for the benefit of the beneficiaries. Trustees in Florida have a legal duty to act prudently and in the beneficiaries’ best interests.

Can I change or revoke my trust after it is created?

If you have a revocable trust, you can generally make changes or even revoke it entirely during your lifetime, as long as you are mentally competent. Irrevocable trusts are typically much more difficult to modify after creation.

Additional Resources

Here are some useful contacts and resources for trust law in Florida:

• Florida Bar Association - offers a directory of qualified estate planning and trust attorneys
• Local Clerk of Court - provides information on probate and trust administration
• Florida Courts Self-Help Center - offers guidance and forms related to probate, trusts, and guardianship
• Florida Department of Elder Affairs - provides resources for seniors on estate and long-term planning
• Local libraries or legal aid societies - may have reference materials and workshops on trusts and estates

Next Steps

If you are considering creating a trust, managing an existing trust, or need help with trust administration or disputes, take these steps:

• Gather all relevant documents related to your assets, existing estate plans, and any concerns or goals you have regarding a trust
• Research and contact an experienced Florida trust and estate lawyer to discuss your situation
• Prepare a list of questions or concerns to bring to your legal consultation
• Consider your short-term and long-term objectives, as well as any beneficiaries you wish to provide for
• Follow your attorney’s advice and keep your estate planning documents up to date as laws and life circumstances change

Having a well-drafted trust can provide peace of mind and protect your loved ones, so seeking professional legal advice is a worthwhile investment.