Q: I received my real estate license and would like to create an express trust instead of an LLC, is that legal in FL?
A: Why? And all "express trust" means is that it is some sort of a trust that is in writing. A trust (e.g., revocable living trust) is used as part of an estate planning, and it has nothing to do with running a business. Business proceeds (profit) may become part of the trust, but a trust is not typically used to run a business. It can be a member of an LLC, but you still need a registered LLC.
Phillip William Gunthert agrees with this answer
A: It appears that you are confusing a couple of issues here as well as their purpose. If your intent is to create a business entity, then you can create an LLC for your business purposes and needs and hopefully to limit any potential legal liability that you may be exposed to personally. On the other hand, if you are trying to set up your estate planning in order to avoid the potential later costs of probate and to control the distribution of your estate assets to your named and desired beneficiaries, then some estate planning and Trust work and drafting can be done in order to address those concerns as well. Business on one side and estate planning and Trust drafting on the other. You should speak with a business attorney and estate planning attorney, many can and will be able to direct, draft and help with both.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
