Most Florida parents and others in the United States want to leave their children and grandchildren enough to live on. However, different people may have different beliefs when it comes to how much is enough for someone to live on. One way to help future generations manage their inheritance is to create a trust. Doing so may allow an individual to place specific parameters on how assets are used and when.
One of the most important components to a trust is the trustee. A trustee may be either an individual, such as a family friend, or a corporate entity, such as a bank. Whoever the trustee is, this person or entity must be willing to make decisions based on the terms of the trust even if beneficiaries may not like the decision. It may also be a good idea to find someone who can work with a variety of personality types in making sure that the trust’s terms are adhered to.
As a general rule, it may be a good idea to communicate with beneficiaries and trustees about the goals a trust is supposed to accomplish. This may make it easier for the trustee to make good decisions. It may also make it possible to eliminate sibling rivalry or other disputes that may arise after a parent or grandparent passes on.
A trust may be an effective way to protect personal property today and transfer it to future generations after passing. Trusts may allow assets to be protected from creditors as well as reduce estate taxes. They may also be effective because trust language can be customized to best fit the needs of its creator and beneficiaries alike. Those who have questions about trusts may wish to talk with an attorney to learn more about them.