What is a Florida living trust and how does it work?

A Florida living trust can be drafted to permit the surviving spouse to make the decision whether the deceased spouse’s assets are left in a unified credit trust or a marital trust.

How much does it cost to prepare a revocable living trust in Florida?

A typical cost for an attorney to prepare a revocable living trust in Florida is between $2,000 and $3,000 depending on the attorney’s experience. The cost should include preparation of the living trust as well as a pour-over will, health care directive, declaration of preneed guardianship, living will, and designation of health care surrogate.

Who is an indispensable party in a Florida Trust Action?

Who Is An Indispensable Party In A Florida Trust Action? “Generally, the only indispensable parties to a trust action – including modification – are the trustee, the settlor, and the beneficiaries.”

What are the irrevocable trust laws in the state of Florida?

Florida irrevocable trust laws include two exceptions to the spendthrift protection. First, the law prohibits a trustee from withholding a distribution otherwise due to be paid to a beneficiary solely to protect the distribution from the beneficiary’s creditors.

Does a revocable trust protect homestead property in Florida?

Most Florida counties have special requirements to maintain the homestead tax exemption and special language may be required in the trust agreement and the deed. However, homestead property may lose its exemption from creditors when title is held in a revocable trust-the bankruptcy law on this point is unsettled.

What are the Florida irrevocable trust laws for spendthrift protection?

Florida irrevocable trust laws include two exceptions to the spendthrift protection. First, the law prohibits a trustee from withholding a distribution otherwise due to be paid to a beneficiary solely to protect the distribution from the beneficiary’s creditors. Overdue mandatory distributions can be garnished from a spendthrift trust.