Legal Question in Wills and Trusts in Florida

Re: real estate in living trust in Florida

I generally agree with David, but there are soem unanswered questions, such as whether or not you are financing and, if so, what limitations might be in the mortgage? Many mortgage companies do not allow transfers after closing, and this may impact on whetrher or not the mortgage may be called upon a transfer. Also, is the trust to be revocable or irrevocable? Mortgage companies do not like irrevocable trusts, so this might also present a problem. If you are purchasing for all cash, there should be no problems and the timing og creation of the trust and transfer of the property to it are irrelevant.

Re: real estate in living trust in Florida

Both are true. The advantage of setting up the trust first is that you won't have to pay anyone the retitling fees if you transfer the property afterwards. Additionally, when doing it advance, the title insurance, homeowners insurance, mortgage company are all being notified in advance. After the fact, it requires a little legwork on your part whereby making sure you put the correct language in the deed, addiing the trust as an additional insured on the insurance, and having the mortgage company permitting the ownership structure. Hence, better to do the trust first if you can, otherwise, you can still do it afterwards. Hope this helps.

Re: real estate in living trust in Florida

you canset it up anytime