Creating two duplicate trusts with different names

[cplus_man]

State: Florida

I am the grantor of an existing irrevocable family trust created several months ago. The trust is funded with a single real estate parcel. I would like to create a new, separate family trust with a different name that would contain the exact same legal provisions as the first trust.

Can I simply make a copy of the first trust document, change the name on the copy, get all required signatures and notarizations, and have a new, separate, duplicate trust that I can fund with other assets?

My situation is that I have two separate pieces of real estate that I would like to hold in two different trusts to isolate liability from each property.

Your comments are greatly appreciated!!

 

[colourfastt]

State: Florida

I am the grantor of an existing irrevocable family trust created several months ago. The trust is funded with a single real estate parcel. I would like to create a new, separate family trust with a different name that would contain the exact same legal provisions as the first trust.

Can I simply make a copy of the first trust document, change the name on the copy, get all required signatures and notarizations, and have a new, separate, duplicate trust that I can fund with other assets?

My situation is that I have two separate pieces of real estate that I would like to hold in two different trusts to isolate liability from each property.

Your comments are greatly appreciated!!

Yes you can ... that's exactly what lawyers do every day.

 

[cplus_man]

So it's legal to just make a duplicate of the trust document myself, change the trust name on the duplicate, get signatures, and have a new, valid duplicate trust without having to pay a lawyer again?

I didn't want to put both real estate parcels in one trust, for fear that liability from one parcel could wipe out both if I happen to be underinsured. Could I even go so far as to create a third separate trust from the original to hold title to my vehicles? Is this an effective strategy to isolate possible liabilities (e.g. lawsuits) that could arise from the properties/assets held in each separate trust?

Thanks again!!