What is a trust deed?
A trust deed is a legal document used in Florida that designates a trustee to manage assets for the benefit of a person or persons, known as the beneficiaries. In the context of inheritance law, a trust deed is usually used to provide a way of passing down assets to beneficiaries without having to go through the probate process. The trust deed states who will benefit from the trust and details the trustees’ obligations. These obligations include managing and investing the trust assets according to the wishes of the trust creators. The trust beneficiaries will receive whatever assets the trust deed specifies. Trust deeds can also protect the assets from creditors and taxes, depending on the trust type. In Florida, a trust deed is typically created by a trust agreement that outlines the provisions of the trust, such as how the trust is funded and who are the beneficiaries. This document is then registered with the county clerk. All parties involved in the trust deed must sign it in order for it to become legally binding.
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