Florida Statutes 736.1503 – Requirements for community property trust
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Terms Used In Florida Statutes 736.1503
- Community property: means the property and the appreciation of and income from the property owned by a qualified trustee of a community property trust during the marriage of the settlor spouses. See Florida Statutes 736.1502
- Community property trust: means an express trust that complies with…. See Florida Statutes 736.1502
- Qualified trustee: means either:(a) A natural person who is a resident of the state; or(b) A company authorized to act as a trustee in the state. See Florida Statutes 736.1502
- Settlor spouses: means a married couple who establishes a community property trust pursuant to this part. See Florida Statutes 736.1502
- Trustee: A person or institution holding and administering property in trust.
An arrangement is a community property trust if one or both settlor spouses transfer property to a trust that:(1) Expressly declares that the trust is a community property trust within the meaning of this part.(2) Has at least one trustee who is a qualified trustee, provided that both spouses or either spouse also may be a trustee.(3) Is signed by both settlor spouses consistent with the formalities required for the execution of a trust under this chapter.(4) Contains substantially the following language in capital letters at the beginning of the community property trust agreement:THE CONSEQUENCES OF THIS COMMUNITY PROPERTY TRUST MAY BE VERY EXTENSIVE, INCLUDING, BUT NOT LIMITED TO, YOUR RIGHTS WITH RESPECT TO CREDITORS AND OTHER THIRD PARTIES, AND YOUR RIGHTS WITH YOUR SPOUSE DURING THE COURSE OF YOUR MARRIAGE, AT THE TIME OF A DIVORCE, AND UPON THE DEATH OF YOU OR YOUR SPOUSE. ACCORDINGLY, THIS TRUST AGREEMENT SHOULD BE SIGNED ONLY AFTER CAREFUL CONSIDERATION. IF YOU HAVE ANY QUESTIONS ABOUT THIS TRUST AGREEMENT, YOU SHOULD SEEK COMPETENT AND INDEPENDENT LEGAL ADVICE. ALTHOUGH NOT A REQUIREMENT, IT IS STRONGLY ADVISABLE THAT EACH SPOUSE OBTAIN THEIR OWN SEPARATE LEGAL COUNSEL PRIOR TO THE EXECUTION OF THIS TRUST.