Some states are community property jurisdictions, which means that property belonging to one spouse will be considered to be owned by each of them regardless of how it is titled. This construct can have certain advantages and disadvantages on an estate plan. Florida is not one of these states. However, new laws in Florida make it possible to create an estate plan with a revocable trusts that treats a couple’s property as if it was community property.
The Florida Bar provides several informative articles about changes to the law. The Florida Bar published an article about these new Community Property Trusts in Florida. If you are interested in learning more about the Florida Community Property Trust, then follow this link to the Florida Bar website to learn more. https://www.floridabar.org/the-florida-bar-journal/understanding-the-new-florida-community-property-trust-part-i/
Caveat: AA Law Firm, P.A. is not endorsed by or affiliated with the Florida Bar or any other governmental entity. Legal news is provided solely for the convenience of the viewers of the Firm’s website.