A revocable trust is created to manage assets during the lifetime of the person who created it, a grantor, and to distribute any remaining assets upon the grantor’s death. The grantor may name a trustee, which is the person who will be responsible for managing the trust assets or appoint himself to do so. The trust is considered revocable because as long as the grantor is deemed competent, he or she may modify or terminate the trust during his or her lifetime. Upon the passing of the grantor, the trustee will take over all responsibilities related to the trust. Holding title to real property in a trust also a common method of avoiding probate.
Can a Revocable Trust Hold Title to Real Property in Florida?
In Florida, one of the forms of holding title to real property is through a revocable trust. Although a revocable trust does not protect the grantor against creditors, it does provide a shield for the beneficiaries once the grantor passes away. This is because the passing of the grantor transforms the revocable trust into an irrevocable trust, which generally creditors may not attach judgments or liens on.
How do I Transfer Property from a Trust to an Heir in Florida?
If a property is being held in a trust, the named trustee will be responsible for any distributions or transfers of assets within the trust. Once the owner of the property passes away, the named trustee will transfer the property in accordance with the instructions set forth in the trust. This includes transferring real property to any heirs of the grantor. The form a trustee must execute is called a trustee deed.
What is a Trustee Deed in Florida?
A trustee deed is the form used for the conveyance of ownership of property that is being held in a trust. A trustee deed has the same requirements as a standard quitclaim or warranty deed, with some additional details in regard to the related trust and trust agreement. Once executed, the deed must then be recorded in the real property records of the county where the property is located. This serves as notice of the property’s change in ownership.