Trusts in one form or another have been used since the times of the Romans, whats all the hype about? Learn more about this timeless asset protection and use it as part of your Florida Probate Estate Plan.

I write often about trusts in Florida and the Florida Trust Code.   These are a great way to protect your assets both while your alive and dead. As a history buff I found it interesting to see thatmany of the ancient uses for trusts are still actually relevant today! Here is my crash course in the history of the law of trusts and how they are still relevant today.

Ancient Ancestors of Trust Law

• Roman law had a well developed concept of trusts called fideicommissum created by ancient Roman wills. These were the equivalent to our  irrevocable trusts but the living or inter-vivos trusts that we know of did not exist until later.
• The Waqf is a similar institution under Islamic law that was restricted to charitable purposes and it was similar to the modern charitable trust.

Why it Matters Today

• Even back in Roman days they acknowledged that trusts made common sense to streamline wills. Just because it is old does not mean its wise, but here is a time where the Romans got it right, stick with the classics and consider a testamentary trust.

Middle Ages

• The modern law of trusts started to develop in the 12th century under the jurisdiction of the King of England.
• When a party went off to the crusades they could not leave their land to their wives (the property rights of women were limited even when she was a widow) so they had to leave their land to a fellow noble, this was the first trustees! 
• Crusaders often returned to find that their trustee had grown fat on the estates and feudal dues they had collected often refusing to reconvey the land back and when that occurred the Court had to step in to correct the matter in equity.
• In medieval English trust law, the settlor was known as the feoffor to uses while the trustee was known as the feoffee to uses and the beneficiary was known as the cestui que use, or cestui que trust.

Why it Matters Today

• Although you are signifigantly less likely to going off to a crusade anytime soon,you may find that you want to protect your property that you cannot manage as closely. Afterall many people own property in other states and even other countries.
• Holding these properties in trust not only allows for the management you may need for that asset it will also allow the property to transfer outside of probate. Again, looks like those crusaders had atleast one good idea, the development of the modern inter-vivos trusts!

 So whether you want to call it a feoffor / feoffee and a cestui que use, or cestui que trust or if you prefer the Waqf or if you really want a mouthful call it a fideicommissum the point is consider calling a Florida Probate Attorney and setting up a trust to protect your assets for as long as you need.