Common Questions about Trusts

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Common Questions about Trusts

Common Questions about Trusts

I am Florida resident and will be administering a Colorado Trust in Florida. Does an irrevocable trust need to be registered in Florida?

Generally, a trust does not need to be registered. You should meet with an attorney to review the trust and determine what requirements the trust sets out, as well as what your responsibilities are as trustee. A Florida attorney should be able to guide you through this, but it may be necessary to consult with a Colorado attorney as well, if there are Colorado-specific provisions.

Is the trustee’s or beneficiary’s name registered as owner of a bank account for a Florida Trust?

The Trustee will be the owner of the account, even though it is for the benefit of the Trustee Beneficiaries. The account must be opened by the Trustee under the name of the Trust (often with a date of the Trust Agreement) and is unlikely to have the name a Beneficiary unless that Beneficiary’s name is in the title of the Trust Agreement.

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