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Florida Living Trust

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soakland

Junior Member
What is the name of your state (only U.S. law)? FL

I am the trustee and one of two beneficiaries for a living trust in FL. WHen the grantor passes, I understand Florida law states that a non-judicial modification of the trust's terms may be made after the settlor's death. I understand that this may be done by the agreement of the trustee and all beneficiaries. How difficult is this? Obviously we will need an attorney. Can the beneficiaries, and what they may receive, be changed using this type of modification? Or must it be a judivcial modification? As far as I know the trust does not forbid it.

Thank you for any advice you may give.
 


FlyingRon

Senior Member
Impossible to tell without knowing what the trust document says. Some things may be at the discretion of the trustee, others will take a modification. Another way would just be to distribute the property from the trust and if you want to agree to swap or otherwise transfer assets, just do so. Unless we're talking about seriously valuable assets, it's not going to really matter too much.
 

soakland

Junior Member
Impossible to tell without knowing what the trust document says. Some things may be at the discretion of the trustee, others will take a modification. Another way would just be to distribute the property from the trust and if you want to agree to swap or otherwise transfer assets, just do so. Unless we're talking about seriously valuable assets, it's not going to really matter too much.
One of the items is a home, and the other is around $40,000.00 in cash.
 

Dandy Don

Senior Member
What is the modification you are going to make?

You need to take a modification very seriously (by having it reviewed by an attorney before you go through with it) because if not done correctly, you could potentially face legal charges.
 

soakland

Junior Member
What is the modification you are going to make?

You need to take a modification very seriously (by having it reviewed by an attorney before you go through with it) because if not done correctly, you could potentially face legal charges.
Change what the beneficiaries receive. By mutual agreement. And yes we would use an attorney. Will this be a problem?
 

Dandy Don

Senior Member
You still have not been specific about exactly what change would be made (who gets what and in what amounts).

The trustee has a strict legal obligation to distribute the assets of the trust or might face breach of duty charges by any beneficiary who is unsatisfied with how the trust has been distributed. But if there are no dissatisfied beneficiaries here, my point may be moot as there will not be any breach of fiduciary charges. Your situation is very unique.

Wouldn't it be easier and without complication for the beneficiaries to receive the distribution as currently written, and then after they have received the assets, give each other what they want the other to have?
 

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