Frequently Asked Questions
GENERAL Is a living trust necessary in Florida?
Is a living trust from another state legal in Florida?
What is the tax ID number for a living trust? FORMING A LIVING TRUST Can two brothers or sisters form a living trust?
Can real estate / property from another state go in a Florida living trust?
How do you transfer property into a living trust? SUCCESSOR TRUSTEES Can a successor trustee be out of state?
How do successor trustees access bank accounts?
How are successor trustees paid / compensated (successor trustee compensation)?
Are successor trustees responsible for legal costs?
What if a successor trustee does not follow the living trust's instructions? BENEFICIARIES Do beneficiaries receive copies of the living trust?
GENERAL
Is a living trust necessary in Florida?Identify your estate planning needs and goals. Learn the advantages and disadvantages of wills and living trusts. Consult an attorney. After these steps, you will be able to determine if a living trust is necessary for your estate in Florida. Is a living trust from another state legal in Florida?
For the most part, yes but consult an attorney because states have different statutes for living trusts and minor changes/additions may be necessary. What is the tax ID number for a living trust?
The tax ID number is often the social security number for one of the grantors while the trust is grantor is living and the living trust is revocable. When the grantor passes, the trust becomes irrevocable and a new tax ID number must be assigned by the IRS.
FORMING A LIVING TRUST
Can two brothers or sisters form a living trust?No. Either a single person alone can make a living trust or married and unmarried couples can create a living trust. Family members cannot. Can real estate / property from another state go in a Florida living trust?
Yes. How do you transfer property into a living trust?
Real estate requires a new deed to transfer property into the living trust (the attorney typically prepares the deed - otherwise contact a title company). Visit banks and motor vehicle departments with your trust documents (and any existing titles) to transfer the assets into the living trust. View our guide for transferring assets.
SUCCESSOR TRUSTEES
Can a successor trustee be out of state?Yes. How do successor trustees access bank accounts?
Successor trustees must have either notarized notes of resignation from the initial trustees, notes of incapacitation from a physician or death certificates to access bank accounts. If the asset is already in the living trust's name, the institution will "likely" have the successor trustees' names on file but it is smart to bring the living trust with you to show you are the successor trustee. How are successor trustees paid / compensated?
Florida Probate Code sets fees for personal representatives of a will, but Florida Trust Code does not set strict guidelines for reasonable compensation. If a living trust does not specify compensation, F.S. [section]736.0708 allows "compensation that is reasonable under the circumstances." However, a court may increase or decrease the compensation. Discuss with an attorney how to best address successor trustee compensation in a living trust. Are successor trustees responsible for legal costs?
Costs associated with performing the duties of the successor trustee (hiring an attorney or accountant) are paid by the estate via the living trust. What if a successor trustee does not follow the living trust's instructions?
Successor trustees act in a fiduciary manner, meaning they are legally held responsible for their actions and can be legally held accountable for their actions by the beneficiaries of the living trust.
BENEFICIARIES
Do beneficiaries receive copies of the living trust?Beneficiaries of an irrevocable part of a living trust (revocable living trusts typically become irrevocable when the grantor(s) passes) must receive a copy when requested, along with a full inventory of assets, liabilities and activities.