April 22, 2019

How Does the Florida Land Trust Work?

The Trustor enters into a standardized Florida Land Trust Agreement with Russell M. Robbins, P.A.  The Trustor appoints or names Russell M. Robbins, P.A. as Trustee of the trust, designates one or more Beneficiaries (owners) of the trust and can also appoint or name one or more Successor Beneficiaries under the trust.  The initial Beneficiary is generally the Trustor and the Successor Beneficiaries are generally the Trustor’s children, but could be anyone designated by the Trustor.

The Beneficiary(ies) of the Florida Land Trust retain complete control over the real estate or personal property held in the trust. They manage the property or retain agents to manage the property on their behalf. They collect and distribute any income and pay any and all expenses. They insure, develop, finance, lease or sell the real estate as they see fit.

The trust may be modified, updated or terminated at anytime.  Additional real estate or personal property can be added to the trust at anytime. The Trustee executes grant deeds, promissory notes, deeds of trust, leases and otherwise deals with the property held in the trust only upon specific written authorization and direction from the Beneficiary(ies) of the trust.

The beneficial interest(s) in the Florida Land Trust is personal property and not real property. This beneficial interest includes the right to receive any income and any proceeds from the sale or mortgage of the property. The Beneficiary(ies) reserve the right to live on or otherwise possess and use the real estate. Their beneficial interest in the trust, as personal property, can be easily assigned to another party without the need to prepare, sign, notarize and record a Warranty Deed.