Florida Probate Litigation Lawyer Blog
In 2014, the Florida Legislature passed the Florida Family Trust Company Act, which established a structure for the formation, operation, and regulation of Family Trust Companies (“FTCs”). An FTC is a corporation or limited liability company, exclusively owned by one or more family members, that provides trust services to a related group of people. FTCs can serve as trustees and provide other fiduciary duties, such as investment advisory, wealth management, and administrative services. There are many advantages of forming a FTC, including:
- Increased flexibility and control over asset management
- Greater protection of family privacy
- Increased liability protection for fiduciaries
- Continuity of the trustee upon death, resignation, or removal of a decision maker
- The ability to integrate the younger generation into the family wealth management
