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Home >> Managing a Trust With a Schedule of Assets in Florida

Managing a Trust With a Schedule of Assets in Florida

September 2, 2013 by Robert Kulas. Leave a Comment

assetsA trust operates on some very simple principles that, even though they are easy to meet and understand, allowed you to provide yourself and your estate with some substantial legal protections and benefits. The most difficult part of deciding to create a trust is sitting down and determining what trust is best for your purposes. Whether you choose a revocable living trust, various kinds of irrevocable trusts, or even a testamentary trust, creating a trust inventory or schedule of assets can greatly help you ensure that the trust operates properly. We’re going to take a little time to discuss a trust schedule of assets in Florida and how you can use it when you create and use your trust.

Developing the Schedule of Assets

In Florida, every trust is there to own property on behalf of others, known as beneficiaries. The person who creates the trust, called the trustor or grantor, decides what property the trust should own. The trustor also gets to choose the trustee, the person who will manage the trust property once it’s been properly transferred into the trust name.

So, grantors deciding what property to transfer will have to create a schedule of assets that lists all the trust property. Initially, inventorying all of your personal property and then deciding what property should be transferred to the trust is beneficial. Then, once you have identified specific trust property, you can create a separate document that lists all the property the trust does, or will, own.

Using the Schedule as a Guide

Creating a trust by creating a document that states your purposes and identifies the important people involved is important, but the next step in the trust creation process is also vital. After you’ve identified the important parties in your trust and decided what property you wish to transfer, you have to go through the funding process. Funding is the process in which you transfer your personal property into the trust so the trust becomes the new legal owner.

The type of property you transfer to the trust dictates what steps you have to go through in order to make the trust the new owner. For example, transferring your car will require you to retitle the car into the trust’s name. Similarly, transferring real estate assets will require you to make similar transfers in accordance with the laws of the state in which the property is located.

As you go about the funding process, the schedule of assets will serve as your to-do list. With the schedule you can make notes about the kinds of steps you’ve taken to fund the trust, as well as identify other needed information.

Filed Under: Trust Administration, Wills and Trusts Tagged With: trusts

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

~Janice M
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August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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