If you’re creating an estate plan in Florida and own a boat—whether it’s a modest fishing skiff or a luxury cruiser—you may be wondering: should that boat be placed into your revocable trust?
The answer depends on your goals, the boat’s value, and how your assets are structured. Let’s look at the key considerations.
Why You Might Put a Boat in a Revocable Trust
1. To Avoid Probate
One of the main reasons people use revocable trusts is to avoid probate, the court-supervised process of transferring assets after death. In Florida, probate can be time-consuming and public. If your boat is titled in your name alone, it will likely have to go through probate unless it's in your trust.
2. To Keep Your Affairs Private
Probate records are public. If you prefer to keep your beneficiaries, asset values, and estate plan private, a revocable trust helps accomplish that. Your boat can pass quietly to your chosen heir without court involvement.
3. To Ensure a Smooth Transfer
Boats that are in a trust can be managed or transferred by your trustee without delay, which is particularly helpful if a surviving spouse, family member, or business partner needs immediate access.
4. If the Boat Is Tied to Other Property
For boats used at a vacation home or as part of a rental or business asset, titling it in the trust keeps everything under the same management umbrella.
When a Trust Might Not Be Necessary
1. The Boat Is of Low Value or Untitled
Many small boats or personal watercraft (like kayaks or canoes) are not titled or registered. In such cases, the hassle of retitling the boat into the trust may outweigh the benefit.
2. The Estate Qualifies for Simplified Probate
If your estate is modest, your heirs may be able to use Florida’s summary administration process, making trust planning for the boat less urgent.
3. Registration or Insurance Complications
Some marinas, insurers, or government agencies may have additional paperwork requirements for boats owned by trusts. It’s manageable, but it’s worth checking with your insurer or agent first.
How to Put a Boat into a Trust
If you decide to go ahead, here’s how it’s done:
- Check title and registration requirements with the Florida Department of Highway Safety and Motor Vehicles.
- Update the title to reflect the trust name. For example:“John Doe, Trustee of the John Doe Revocable Trust dated January 1, 2020.”
- Notify your insurance company and marina, if applicable.
- Include the boat on your trust schedule or assignment of personal property to document its inclusion.
If you prefer not to retitle now, you could at least include language in your trust or will allowing the trustee to collect or manage the boat after your death—though this might still require probate.
Take the Helm of Your Estate Plan
Your estate plan should work as smoothly as your time on the water. Let Bart Scovill, PLC help you protect your boat and other assets with confidence and clarity.
Schedule your consultation today:
📞 941-365-2253
📧 firm@scovills.com
🌐 www.scovills.com https://scovills.com/?p=2405
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