There are many advantages of setting up a trust in Florida. It is not something that is limited to those individuals who are wealthy. Meeting certain circumstances and having a net-worth of $100,000 or more is reason enough to look into the benefits of a trust. However, even a basic trust plan can be complex and expensive, so it is important to evaluate the situation before making a decision.
Sometimes, situations arise in which a decedent who is not a resident of Florida passes away, and his or her estate owns assets in Florida. In order to allow for the inclusion of those Florida assets in the decedent's estate, the law allows for ancillary administration of the assets by a foreign personal representative acting on behalf of the estate.
During their estate planning considerations, many people in Florida consider setting up a living trust in order to avoid probate and to provide for either themselves or for others while the trust creator is still living. A living trust can lend flexibility. Many grantors name themselves as trustee and find little practical difference between managing the trust and managing its property directly.