What is an Express Trust? Florida appeals court considers real estate trust in February 3, 2015 trust opinion
There are many kinds of trusts, especially in Florida. There are express trusts, charitable trusts, revocable trusts just to name a few. What is an express trust? Anyone involved in a Florida express trust may want to read this recent, February 3, 2014 Florida appeals court decision on trusts.
Gainesville Real Estate Tax Exemption Sought by Trustee
- The owner of real property in Gainesville sought a real property tax exemption
- The owner was a trustee of a trust for the benefit of the University of Florida
- The owner trustee was actually a Florida LLC: a limited liability company
- Many times, trustees who own real estate in a Florida trust will create a Florida limited liability company to hold, operate, or manage the real estate
- There are many advantages to a trustee owning real estate through a Florida limited liability company
Florida Trust Law and Florida Civil Procedure
- Florida rules of civil procedure permit the trustee of a Florida trust — an express trust — to prosecute an action for the real party in interest
- In this February 3, 2015 Florida trust case, the real party in interest was the University of Florida
- Apparently, the probate court, which hears trust cases, at the lower level or the Florida trial level, was confused about what an express trust is
- The Florida appeals court: Florida’s 1st District Court of Appeal, defined an express trust in Florida:
Q: What is an express Trust in Florida?
A: An express trust is created with the settlor’s express intent, usually declared in writing.
Question: What is a trust in Florida?
A: A trust is a property interest held by the trustee at the request of the settlor for the benefit of the beneficiary
Florida Law on Trusts
- A settlor = the creator of a trust
- To read more about the Florida law on trusts, consider reading the Florida Trust Code, Chapter 736 of Florida statutes
- Or if you are involved in Florida trust lawsuits, you can read how the Florida Trust Code is defined by reading opinions from Florida appeals courts about Florida trust lawsuits
- This particular Florida trust case is Provident Group Continuum Properties LLC v. Crapo, 40 Fla. L. Weekly D 330