Legal Question in Wills and Trusts in Florida

Regarding a revocable or living trust in Florida, the grantor (trustor) is not required to specify in the trust each item of property. The trust authorizes the holding and use of such property, then the property is transferred to the trust later or when acquired. Property which is titled such as land, vehicles, boats, etc should be conveyed to the trust, in its name. Intangible property such as stocks, bank accounts, etc. many be placed in the name of the trust as well. The trust will provide for holding of untitled property, such as furniture, paintings, etc. Advice: consult with an experienced attorney regarding specific items of property and drafting of an appropriate trust.

"Funding the trust" or conveying the ownership to the trustee can be very frustrating, but is a necessity if you desire to have the property held in the trust and be controlled by its terms. Most legal counsel have seen major errors made in this regard over the years including invalid titling, recording or documenting of the properties. In Florida you should consult with counsel about holding your homestead in a "ladybird deed" then over into the trust after death and still avoid probate - 4 states now permit this to be done; this way the home titling will not create problems as to creditors, being a disqualifying action under Medicaid. Should there be large artwork, or non titled car or boat kit, or other tangible items that are very valuable and do not have a registered title, I recommend a "bill of sale" or an assignment document to the trust to prove that you made the conveyance to the trust even though you still retain possession.

In Florida your trust may provide a sheet upon which you can itemize tangible items for distribution following death to specifically named individuals and attach the sheet to the Trust. However be sure if you don't have possession of such item that it is left to the very person who does have possession should they be your relative, e.g. fur coat or jewelry currently being used by daughter in law, and your Trust list or Will leaves it to some other relative!!

Also be sure to check on the following before titling certain assets into the trust for additional costs such as: auto/vehicle transfers and registration; County property tax departments upon business assets being transferred; documentary stamps should the grantor be different than the trustee and there is no indication of a 98 year lease nor life estate reserved in the Grantor.

Hope this helps some.