Florida Land Trust Statute

Each state has its own separate laws to govern its land trusts meaning that land trusts differ from state to state.

Florida land trust statute.

Terms used in florida statutes 689 071. A florida land trust is a private agreement among several people to operate manage and hold legal title to florida real property florida land trusts operate under section 689 071 of florida law also known as the florida land trust statute or the florida land trust act a land trust agreement is a legal agreement under which the trustmaker appoints another. A beneficial interest means any interest vested or contingent and regardless of how small or minimal such interest may be in a land trust which is held by a beneficiary. As a side note you need to be sure to understand the difference between revocable and irrevocable trusts in florida because homestead protection is not available for property in an irrevocable trust.

Another legal nugget recent florida legislation also allows a homestead to be afforded full protection if held in a florida land trust. What is a land trust in florida. Chapter 689 conveyances of land and declarations of trust. Section 071 florida land trust act.

689 071 florida land trust act. In a florida land trust real estate is conveyed from the grantor owner to a trustee who then holds both legal and equitable title to the property. 689 071 florida land trust act 1 short title this section may be cited as the florida land trust act. In essence what might be binding in one state would have no effect in another state.

A florida land trust is a great vehicle you can use to own real estate in florida whether you are a us citizen or foreigner. Interestingly to create a florida land trust the deed must never identify the beneficiary of the trust. 1 short title. The 2019 florida statutes.

2 definitions as used in this section the term. A proposal to alter the text of a pending bill or other measure by striking out some of it by inserting new language or both before an amendment becomes part of the measure thelegislature must agree to it. Chapter 689 conveyances of land and declarations of trust entire chapter. 689 071 florida land trust act.

A person who is entitled to receive the benefits or proceeds of a will trust insurance policy retirement plan annuity. Title xl real and personal property. Section 689 09 and the statute of uses do not execute a land trust or vest the trust property in the beneficiary or beneficiaries of the land trust notwithstanding any lack of duties on the part of the trustee or the otherwise passive nature of the land trust. This section may be cited as the florida land trust act.