Must your successor trustee be a resident of the state?
Your successor trustee does not have to be a resident of the state of Florida. However, in your will, your personal representative or executor must be a resident of Florida if he or she is not related to you as a family member.
Attorney Tom Olsen: Budd, you're on news 96.5. Go ahead. Budd: I may need some help, I'm 90 years old I'm not too good with this stuff. Attorney Tom Olsen: All right. Budd: A big mistake I made. You originally wrote a revocable living trust for me. I want to make a change into it and somebody in the elder group directed me to somebody in St. Petersburg. She writes, and she says "Well, you have no relations or anything, so somebody at the state of Florida has to be on." She put herself on it with my okay. Now, I'm trying to find out what the cost is by the hour percentage or just so I got something to put in there so somebody knows when I pass, because I'm dating a girl, and have been for the last 11 years, her husband passed away, from an upper state in New York. She's down there about seven months of the year and I'm up there about five. Attorney Tom Olsen: Hey Budd, when you pass away who does your trust leave most of your wealth to? Budd: 87% to her. Attorney Tom Olsen: Budd, I think this lawyer has misled you, and maybe intentionally so. Budd: I think so, too. Attorney Tom Olsen: When it comes down to a will, the Florida statute say that your executor, if they are not related to you, like a friend, or a girlfriend, they must be a resident of the state of Florida. If they are related to you like a brother, a sister, a niece, or nephew, they can live anywhere. Budd: I understand that part, but she says I have none of those she has to be somebody on earth from the state of Florida. Attorney Tom Olsen: There is not that same requirement to be the successor trustee of your revocable living trust Budd. Budd, your girlfriend is getting 80% of your wealth when you pass away, therefore I suggest that your girlfriend should be your successor trustee, not this lawyer who's inserted herself. Budd: I think I might come and see you and let you look this thing over. Attorney Tom Olsen: Budd, you read my mind, Budd. Come see me, Budd, I'll take care of you. Bud: Okay, that sounds great. Attorney Tom Olsen: All right Budd, bye bye.