When it comes to estate planning in Florida, understanding the Notice of Trust is essential. Whether you’re setting up a trust or dealing with the estate of a deceased loved one, this legal requirement plays a crucial role in protecting assets and ensuring proper administration. In this blog, we’ll break down what a Notice of Trust is, why it matters, and how it fits into Florida’s estate planning laws.
What is a Notice of Trust?
A Notice of Trust is a legal document that notifies the probate court and creditors that a decedent had a trust. In Florida, when a person who created a trust (the grantor) passes away, the trustee is required to file a Notice of Trust with the court in the county where the decedent resided at the time of death. This document serves as a formal acknowledgment that assets are held within a trust rather than being subject to probate under a will and testament in Florida.
Why is a Notice of Trust Important?
The filing of a Notice of Trust serves several key purposes:
- Public Notification – It informs creditors that a trust exists, ensuring they follow proper procedures for making claims against the estate.
- Limits Creditor Claims – Florida law provides a two-year statute of limitations for creditor claims unless a Notice of Trust is filed, in which case creditors have only 90 days from the date of publication to submit claims.
- Clarifies Asset Distribution – It helps distinguish between assets held in the trust and those subject to probate, streamlining estate administration.
When Should a Notice of Trust Be Filed?
The trustee must file the Notice of Trust promptly after the grantor’s death. Florida law (Section 736.05055, Florida Statutes) mandates that it be submitted to the probate court in the county of residence of the deceased. Failure to file in a timely manner could expose the trust assets to extended creditor claims or probate complications.
What Information is Included in a Notice of Trust?
A properly drafted Notice of Trust in Florida typically includes:
- The name of the deceased grantor
- The date of the trust agreement
- The name and contact information of the trustee
- A statement that the trust exists and will be administered accordingly
Does a Will Still Matter If There’s a Trust?
Yes! Even if a trust is in place, a will and testament in Florida still plays an important role. Many estate plans include a pour-over will, which ensures that any assets not transferred into the trust before death are moved into the trust after passing. This helps maintain the integrity of the estate plan and ensures the grantor’s wishes are carried out.
Get Legal Assistance for Your Florida Estate Plan
If you’re dealing with a trust or estate in Florida, it’s crucial to work with an experienced estate planning attorney to ensure compliance with Florida law. At Lumsden Law Firm, we specialize in estate planning, wills, and trusts. Whether you need to file a Notice of Trust or create a comprehensive estate plan, our team is here to guide you through the process.
Contact us today at Lumsden Law Firm to schedule a consultation.
