Tampa Real Estate Trust Attorney

There are certain situations where it is beneficial to hold title to real property in a trust. Florida law actually provides for the creation of such “land trusts.” And even if you are not a high net-worth individual, if you own a home or investment property, it may be beneficial to establish a real estate trust.

Real estate trusts need not be complicated. But you should still work with an experienced Tampa real estate trust attorney who can guide you through the process. Knudsen Law is a full-service Florida estate and probate firm that assists clients in setting up land trusts and other trusts to hold and manage real property.

What Are the Benefits of a Florida Real Estate Trust?

A real estate trust is a legal agreement whereby you, as the grantor, give specified real property to a trustee. The trustee then holds legal title to the real estate in the trust. With a Florida land trust, only the name of the trustee is a matter of public record. The name of the grantor or any beneficiaries of the trust need not be disclosed.

With most Florida real estate trusts, the grantor is also the beneficiary. In other words, you can transfer your home or investment property into a real estate trust and continue to enjoy the benefits of ownership. A real estate trust can also hold multiple properties. The trustee may also be a legal business entity, such as a corporation or a limited liability company.

A key benefit of real estate trusts is that it enables the grantor to pass on their properties outside of probate. In other words, if you die leaving real estate in your sole name, it is considered a probate asset. Your estate would then be responsible for administering the property through Florida’s probate courts. With a real estate trust, in contrast, your trustee maintains ownership after you die. The trustee can carry out your instructions for distributing the property without going through probate.

Real estate trusts are particularly useful if you own property in multiple states or countries. Typically, if real estate is a probate asset, it must be probated in the state where it is located. This can mean opening multiple ancillary (secondary) probate estates, which adds to the time and expense of the administration process. With a real estate trust, in contrast, none of this is necessary.

Additionally, a Florida land trust can offer a limited form of creditor protection. As the trust is titled in the name of the trustee, any civil judgment against you individually does not automatically impose a lien against any property held by the trustee. A properly structured land trust can also preserve your Florida constitutional protection for homestead property (i.e., your primary residence).

A Tampa Real Estate Trust Attorney Can Help You

If real estate constitutes a significant part of your wealth, it is in your best interest to consider a trust or another form of estate planning to protect your investment, both for yourself today and your family in the future. Our Tampa real estate trust attorney is happy to sit down with you and learn more about your estate planning needs in this area. Contact Knudsen Law today at (727) 398-3600 to schedule a consultation.