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