A trust can be a helpful tool when you are creating your estate plan. Trusts do not require a judge to step in to disburse them, and they give you a lot of control over what happens after your death.
The Florida Statutes lay out the rules for how to create a trust. It is essential to ensure your trust is legal to avoid any issues that could come up if someone raises a concern in probate.
To create a trust, you will need at least three parties. You are the settlor, the person who owns the assets and creates the trust. The trustee is the person you task with control over the assets after your death. This person is responsible for ensuring the beneficiary receives the property.
You should also have a legal professional on hand to ensure you do everything properly, although, there is no requirement for this.
You need to be of a mental state that allows you to understand the trust creation process. You also need to be legally able to enter into such an agreement. The trustee also must meet these requirements and cannot be the beneficiary.
You must also name a beneficiary. However, you can create a trust for the care of a pet or for a charitable purpose.
You need to be very careful about following the legal requirements for a trust. If you make a mistake at any point, someone could decide to contest it during probate. If this happens, the court will scrutinize every detail of the trust, and there is the potential the court could overrule the trust. You will not be there to ensure things go as you wish, so the court would then decide.