Florida Land Trust Statute

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Florida land trust statute.

Interestingly to create a florida land trust the deed must never identify the beneficiary of the trust. This section may be cited as the florida land trust act. As a side note you need to be sure to understand the difference between revocable and irrevocable trusts in florida because homestead protection is not available for property in an irrevocable trust. Florida land trusts are specifically provided for in florida statute section 689 071.

Section 071 florida land trust act. 689 071 florida land trust act. 1 short title. A florida land trust is a private agreement among several people to operate manage and hold legal title to florida real property florida land trusts operate under section 689 071 of florida law also known as the florida land trust statute or the florida land trust act a land trust agreement is a legal agreement under which the trustmaker appoints another.

689 071 florida land trust act. What is a land trust in florida. The florida land trust is a fully revocable grantor trust drafted specifically to buy hold finance and sell florida real estate or other personal property in a confidential or private manner pursuant to the florida land trust act that was adopted by the florida legislature in 2006. Chapter 689 conveyances of land and declarations of trust.

Terms used in florida statutes 689 071. 689 071 florida land trust act 1 short title this section may be cited as the florida land trust act. Each state has its own separate laws to govern its land trusts meaning that land trusts differ from state to state. A person who is entitled to receive the benefits or proceeds of a will trust insurance policy retirement plan annuity.

A beneficial interest means any interest vested or contingent and regardless of how small or minimal such interest may be in a land trust which is held by a beneficiary. Title xl real and personal property. In a florida land trust real estate is conveyed from the grantor owner to a trustee who then holds both legal and equitable title to the property. 2 definitions as used in this section the term.

Section 689 09 and the statute of uses do not execute a land trust or vest the trust property in the beneficiary or beneficiaries of the land trust notwithstanding any lack of duties on the part of the trustee or the otherwise passive nature of the land trust. Another legal nugget recent florida legislation also allows a homestead to be afforded full protection if held in a florida land trust. The 2019 florida statutes. In essence what might be binding in one state would have no effect in another state.