Are Oral Trusts Valid in Florida?
Surprisingly yes. Oral trusts, although rare and not adviseable, may be enforceable in Florida. Many states prohibit or hold oral trusts as void. Florida statute 736.047 governs the validity of oral trusts created in the state of Florida.
The statute does state that an oral trust must be proven by clear and convincing evidence in order to be enforceable (if challeneged). It is never recommended to rely on an oral trust. Such an important estate planning tool should be reduced to writing and you should use and experienced estate plannning attorney to construct it. Reducing the terms to writing will save you a lot of trouble in the long term.
Contact our Jacksonville Florida estate planning law firm to learn more about setting up a trust.
