Can a trustee sell a property in Florida?
Once the Settlor dies and a successor trustee accepts the position, a set of laws mandates the trustee’s conduct under Florida law. When real estate is owned by the trust, the Settlor may desire for the property to be sold and the proceeds distributed to the individual beneficiaries after his or her death.
Can a trustee sell a property?
Trustees do not have a general power to sell the trust’s property because of their paramount obligation to preserve trust property. The power to sell can arise from the trust instrument, statute (section 38 of the Act) or a Court order.
How is a land trust created in Florida?
The Florida Land Trust is usually created by three instruments. First, a deed of trust from the owners of the real property to the trustee of the land trust. This document is recorded in the official records of the county where the real property is situated.
What is the Statute of limitations for a land trust in Florida?
Florida Statute 689.071 controls land trust agreements and land trust ownership. The statute covers important features of land trust agreements such as trustee powers, trustee liability, and rights of a beneficiary.
Who is the beneficiary of a land trust agreement?
A land trust agreement is a legal agreement under which the trustmaker appoints another person to serve as trustee with the trustee holding legal title to real estate property for the benefit of the beneficiary (typically trustmaker). The prospective real property owner can be both the trustmaker and a beneficiary.
What is the liability of a Land Trust trustee?
Below, we discuss what (if any) liability a land trust trustee has. As stated above, a land trust is a type of living trust. As with other types of trusts, a land trust must have a designated trustee. In a land trust, a trust agreement will act as the vehicle through which you dictate the trust arrangement.
The Florida Land Trust is usually created by three instruments. First, a deed of trust from the owners of the real property to the trustee of the land trust. This document is recorded in the official records of the county where the real property is situated.
Who is the trustee of a land trust?
The “trustee” designation alerts the public that the trustee owns legal title on behalf of an underlying trust and that other persons hold the beneficial interest in the property. The trustee may be compensated as agreed by the parties and as expressed in the trust agreement.
How does a trust and trustee in Florida work?
Thus, section 689.071 (3), Florida Statutes, vests both legal and equitable title and full ownership rights in the trust property in the trustee. The 2007 amendment to this section added the phrase “both legal and equitable title” to the language identifying the ownership rights of the trustee.
Florida Statute 689.071 controls land trust agreements and land trust ownership. The statute covers important features of land trust agreements such as trustee powers, trustee liability, and rights of a beneficiary.