What Is A Notice Of Trust In Florida Probate?
If you are a Trustee dealing with the probate process after the Trustor’s death, you have probably heard the term “a notice of Trust.” You need to understand what a notice of Trust is and how to file the notice properly during the probate process in Florida.
A notice of Trust is a critical legal document that must be filed during probate when the Trustor dies. Consult with our St. Petersburg estate & trust litigation lawyers at Legacy Protection Lawyers, LLP, to learn everything you need to know about the filing of a notice of Trust in Florida.
How Does Florida Law Define a Notice of Trust?
A notice of Trust is a legal document that the Trustee must file in the probate court after the Trustor’s death. The notice must be filed in the county where the Trustor resided at the time of their passing.
Fla. Stat. § 736.05055 provides that a notice of Trust must be filed upon the death of “a settlor of a Trust.” The terms “a settlor of a Trust” and “Trustor” are interchangeable. Fla. Stat. § 736.0105 provides filing a notice of Trust is mandatory. However, a notice is required only for Revocable Trusts.
Under Florida law, if the decedent has any assets that are subject to probate in addition to a Revocable Trust, their Trust will pay for the debts of the decedent’s probate estate if the estate does not have sufficient funds to pay creditors’ claims.
If the Trustee does not file a notice of Trust within a reasonable amount of time, the Trust will still be liable for paying creditors and covering probate expenses.
What Information Does a Notice of Trust Contain?
Florida law requires a notice of Trust to contain the following information:
- The name of the Trustor
- The Trustor’s date of death
- The title of the Trust in question
- The date of the Trust
- The Trustor’s name and address
The notice will not disclose any confidential details about the Trust, such as the value of the assets held in the Trust or the beneficiaries of the Trust. Since the notice does not include any information about the value of the assets, creditors do not know whether or not it makes sense to pursue a claim against the Trust to get their claims paid.
Under Florida law, creditors have two years to file claims against Trust from the date of the decedent’s death. Creditors lose their right to pursue claims against a Trust once the two-year deadline expires.
Contact a St. Petersburg Trust Litigation Lawyer
Handling the probate process can be a complicated and confusing process. If you are the Trustor or a personal representative of the decedent’s estate, seek the assistance of a knowledgeable attorney.
Often, Trust-related disputes arise when the decedent dies. When this happens, you need a skilled attorney to help you resolve the disputes to avoid costly litigation. If you are a Trustor, Trustee, or personal representative who has any problems with Trusts, speak with our lawyers at Legacy Protection Lawyers, LLP. Call 727-471-5868 right now.