How to Set Up a Trust in Florida: Step-by-Step Guide
The basic steps to set up a trust in Florida are:
- Defining your objectives and beneficiaries
- Decide which type of trust best fits your needs
- Choose a reliable trustee
- Determine the trust beneficiaries
- Draft the trust document according to Florida law
- Sign and notarize the trust
- Properly transfer assets into the trust
- Update and maintain the trust as needed
However, creating a legal trust requires a deep understanding of Florida estate law and professional legal drafting. Without legal guidance, you could set up a trust that risks being invalid, vulnerable to disputes, or fails to protect your assets and beneficiaries as intended.
At Southron Firm, our Tampa estate planning attorneys help individuals and families properly set up a trust in Florida. We ensure your trust is fully compliant with Florida law and provides long-term protection for your assets.
With our legal guidance, the process can be handled smoothly, avoiding potential risks and ensuring that everything is done correctly from start to finish.
Reach out to our Estate Planning Attorneys in Tampa today to get expert help setting up a trust that protects your assets and loved ones.
Do you Need an Attorney to Set Up a Trust?
If you improperly set up a trust it will result in costly mistakes for you and your beneficiaries. By working with our attorneys in Tampa who specializes in trust and estate planning, you can ensure a smooth and legally compliant trust creation process that protects your assets and wishes.
Here are the main reasons why you need a lawyer to set up a trust in Florida:
- Complex Legal Documentation: Trusts must meet Florida’s legal requirements and clearly reflect your intentions. Vague or incorrect language can lead to delays, court disputes, or mismanagement of your assets.
- Avoiding Costly Mistakes: Setting up a trust without legal guidance can result in improper funding, outdated terms, or critical legal oversights. These mistakes can undermine the purpose of your trust and create long-term issues.
- Customized Solutions: Every estate is different, and your trust should be too. Our attorneys tailor each document to protect your assets, support your beneficiaries, and meet your long-term goals.
Southron Firm ensures your trust is properly drafted, fully compliant with state law, and designed to protect your assets and beneficiaries exactly as you intend.
Contact us today to confidentially discuss your estate planning needs with an experienced Florida trust attorney.
How to Set Up a Trust in Florida: Step by Step
Setting up a trust in Florida requires careful planning and compliance with state laws to protect your assets and ensure your wishes are honored. Here is a step by step process of how to set up a trust in Florida:
1. Define Your Objectives and Beneficiaries
Before you set up a trust, you need to clearly outline what you want to achieve. Your objectives will determine the type and structure of the trust you create.
Common reasons to set up a trust in Florida include:
- Avoiding probate and keeping your estate private
- Protecting assets from creditors or lawsuits
- Providing for family members who need ongoing financial support
- Controlling how and when assets are distributed
- Minimizing estate taxes and preserving wealth
2. Decide Which Type of Trust Best Fits Your Needs
Choosing the right type of trust is crucial because it determines how your assets will be managed, taxed, and distributed. The wrong choice could lead to unexpected legal or financial consequences.
The most common types of trusts in Florida include:
- Revocable Living Trust: Lets you stay in control of your assets during your lifetime and helps your family avoid probate after your death. You can change or revoke a revocable living trust at any time.
- Irrevocable Trust: Offers stronger asset protection and tax benefits but you cannot easily modify or revoke it once created.
- Testamentary Trust: Created through your will and only takes effect after your death. It often dictates how and when your beneficiaries—like young children—receive their inheritance.
- Special Needs Trust: Designed to provide for a beneficiary with a disability without disqualifying them from government benefits.
- Charitable Trust: Allows you to donate assets to a charity over time while gaining tax advantages.
Schedule a consultation with our Tampa lawyer for wills and trusts near me to help you set up a trust and create a secure, customized estate plan.
3. Choose a Reliable Trustee
A trustee is the person or institution responsible for managing the trust and distributing assets according to your instructions. They play a crucial legal and financial role, so it’s important to choose wisely.
Who Should Be a Trustee of a Trust? Consider someone who is:
- Trustworthy and financially responsible
- Organized and able to keep records
- Capable of handling legal and tax matters (with professional help if needed)
- Willing to act in the best interest of your beneficiaries
Who Can Be a Trustee of a Trust?
- A trusted individual (like a family member or friend)
- A professional (such as an attorney or CPA)
- A corporate trustee (like a bank or trust company)
Trustees in Florida have fiduciary duties under state law. That means they’re legally required to act honestly, keep beneficiaries informed, and avoid conflicts of interest.
4. Determine the Trust Beneficiaries
Who can be a beneficiary? Beneficiaries are the individuals or organizations who will receive the assets in your trust. You can name:
- Family members (spouse, children, grandchildren)
- Friends or other loved ones
- Charities or nonprofit organizations
- Businesses or institutions
When naming beneficiaries, consider:
- How you want the assets distributed — equally, in percentages, or specific items
- Contingency plans — who inherits if a beneficiary passes away before you
- Age and responsibility — minors may require a guardian or delayed distribution
- Any special circumstances — such as beneficiaries with disabilities or financial issues
If you name minors as beneficiaries, Florida law generally requires that assets be held in trust or managed by a guardian until the child reaches legal age (usually 18 or 21, depending on the trust terms).
5. Draft the Trust Document According to Florida Law
Creating a legally enforceable in Florida requires precise legal drafting to ensure it complies with state law and fully protects your wishes and beneficiaries. Working with an experienced attorney ensures you set up a trust that is valid, enforceable, and fully aligned with Florida law.
Under Florida Statutes § 736.0401–736.0403, the Florida trust requirements are:
- The grantor must be mentally competent at the time of creation
- The trust must have a definite beneficiary, unless it qualifies as a charitable trust or other legally recognized exception
- The trustee must have duties to perform (not just in name only)
- The same person cannot be the sole trustee and sole beneficiary
- The trust must express a clear intent to create a trust relationship
Speak with our Tampa trust and estate planning attorney near you to ensure you set up a trust that is legally sound and customized to your goals.
6. Sign and Notarize the Trust
In Florida, does a trust have to be notarized to be legally valid? Signing your trust document in the presence of a notary public is required to make it legally valid and enforceable. Proper notarization prevents disputes and ensures courts and financial institutions recognize your trust.
7. Properly Transfer Assets Into the Trust
Funding your trust means moving ownership of your assets—like your home, bank accounts, and investments—into the trust’s name. Any assets not transferred will not be controlled by the trust and could go through probate, which the trust is designed to avoid.
How to transfer assets to a trust? In Florida, certain legal documents and procedures must be followed to ensure proper transfer. Working with an experienced attorney helps avoid mistakes that could cause costly delays or legal disputes.
8. Update and Maintain the Trust as Needed
How often should a trust be updated? Life changes like marriage, divorce, births, deaths, or changes in assets can affect your trust’s effectiveness. Regular reviews and updates ensure your trust continues to meet your goals and complies with Florida law.
Key reasons to update your trust include:
- Adding or removing beneficiaries
- Changing trustees or successor trustees
- Transferring new assets into the trust
- Revising distribution terms due to life or financial changes
Contact Southron Firm in Tampa today for a consultation and let us help you set up a trust with confidence, clarity, and full legal compliance.
Do I Need a Trust?
Yes, you need a trust if you want to protect your assets, avoid probate, and ensure your wishes are followed after your death. Trusts provide control, privacy, and flexibility that wills alone cannot offer.
What Are the Benefits of a Trust?
Here are several benefits of a trust:
- Avoid Probate: Assets in a trust bypass Florida’s probate process, saving time and fees.
- Privacy: Unlike wills, trusts are private documents not subject to public court records.
- Control Over Distribution: You decide how and when beneficiaries receive assets, even after your death.
- Protect Minor Beneficiaries: Trusts can hold assets for minors until they reach an age you specify.
- Plan for Future: A trust can provide management of your assets if you become unable to make decisions.
- Reduce Family Disputes: Clear trust terms reduce confusion and legal challenges among heirs.
Contact Our Estate Planning Attorneys in Tampa
Setting up a trust in Florida requires legal precision to ensure it’s valid and enforceable. Our Tampa attorneys at Southron Firm draft customized trusts that comply with Florida law and protect your assets.
Our experienced team will handle every step of setting up your trust—drafting, legal requirements, and asset transfers—so your trust is done right the first time.
Get in touch with us today to schedule a consultation or call us at 813-773-5105 to set up your trust.