The assets that are held in a Miami revocable trust are not subject to probate, but the assets are subject to creditor’s claims. Therefore, the trustee named in the trust must file a Notice of Trust with the Miami-Dade Probate Clerk providing the decedent’s name and the trustee’s contact information. The purpose of the notice of trust is to give notice to any of the decedent’s creditors that may have a claim against the trust assets. If the trustee does not file the notice, then the assets are subject to a two year creditor’s claim period. Creditor’s that receive a copy of the notice of trust must make a claim within a three month statutory period. The assets in the revocable trust are considered part of the decedent’s gross estate and are used to determine whether the estate owes any federal estate taxes as well.
If the decedent owned assets outside of the trust in the decedent’s sole name at the time of the decedent’s death, then those assets are subject to probate administration and creditor’s claims. If the trust assets consist of only exempt and homestead assets, then the assets are not subject to creditor’s claims. Exempt assets are untouchable by creditors and can be disbursed to the beneficiaries of the trust without having to worry about creditors getting paid.
Since trust matters and trust litigation matters are fairly complex, it is recommended that if you are a party to a trust matter, you seek the advice of an experienced and qualified Miami probate and estate attorney to assist you with handling the matter. A qualified Miami estate attorney understands Florida trust and probate laws and can represent a beneficiary or trustee in a Florida trust matter. If you wish to speak to a Miami estate attorney, call the Law Offices of Albert Gurevich at (786) 522-1411.