There have been many revisions to Florida’s Trust Code and I have touched on some of them on this blog in the past.
There have been major changes to creditors rights. Creditors cannot compel distributions from or attach or otherwise reach a beneficiary’s interest in a third party discretionary trust whether or not:
1) The trust has a spendthrift provision;
2) The discretion is subject to a standard; or 3) The trustee has abused the discretion.
This clarifies many issues with Florida Trusts.
If you have questions about creditors rights and the New Florida Trust Code please contact a Florida Estate Planning Lawyer to discuss your concerns with.