New Trust on The Block: Community Property Trust Act

Effective July 1, 2021, the Florida Legislature passed the Community Property Trust Act as Ch. 736, Part XV, F.S., (the Act). Prior to the Act, Florida was a pure “common law property” state, meaning that the way title was held determined who owned the property. In community property states, “community property” means that the assets acquired during the marriage are owned by each spouse equally, regardless of how title is held. The Community Property Trust Act gives people the option of holding assets in Florida as “community property” by transferring them to a community property trust.

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