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Can a Florida Trust own property in another state?

Loune-Djenia Askew, Esq.

Mar 25, 2024

Florida is a hub for residents who not only enjoy the local sunny estates but often hold properties across state lines. When it comes to securing these diverse assets, the role of a trust cannot be overstated.

What is a Trust?

A trust is a legal instrument allowing a third party, or trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. It's a favored strategy for minimizing estate taxes and offering other benefits, integral to an effective estate plan.

Trusts can bypass the lengthy and costly probate process, immediately transferring assets to beneficiaries upon the owner's death. They also offer protection against creditors and legal judgments, ensuring your assets remain for your intended heirs.

Types of Trusts for Different Needs

  • Living Trust: Created during your lifetime, it lets you control assets and smoothly transition them to your heirs.

  • Irrevocable Trust: Once established, it cannot be altered, offering a fixed estate planning structure.

  • Asset Protection Trust: This aims to shield assets from creditors, preserving your wealth.

  • Florida Land Trust: Tailored to hold and manage real estate assets within Florida.

Can a Trust Own Property in Another State?

Certainly. Incorporating out-of-state property into a Florida-based trust is not only possible but often recommended. This strategy can prevent the need for multiple probate proceedings across different states, saving time and money.

Owning properties in multiple states without a trust could subject your heirs to the probate process in each state where a property is located. A trust ensures that your estate plan encompasses all your assets, no matter where they are situated.

A Trust is Recognized in All States

All fifty states recognize the validity of a trust, regardless of where it is created. This universality means that placing out-of-state property in a Florida trust ensures it is managed according to your wishes, even after your passing.

To navigate the complexities and maximize the benefits of your trust, partnering with a knowledgeable estate planning attorney is key. They can tailor a trust to your specific situation, ensuring a seamless and secure future for your estate, no matter where it lies.

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.

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