Every adult will benefit from taking steps that will allow him or her to have a measure of control over what happens in the future. While it is impossible to know what will happen, drafting certain documents can provide one with the ability to control his or her property and medical care. Most estate plans begin with a will, but it may also be beneficial to consider the addition of a trust. This allows a Florida adult to set aside and protect assets for a specific use.
What is a trust?
A trust is a legal arrangement that allows the grantor, who is the creator of the trust, to decide exactly what happens to assets held in the trust. A trustee is appointed to oversee the distribution of assets from the trust. A trust can be established for the purpose of caring for a special needs loved one, giving to charity, leaving wealth for a minor heir and more.
One of the benefits of a trust is that assets held in it do not have to go through probate. It also provides security knowing that assets will be used exactly as intended. There is a wide range of trusts, and careful selection of the right one is essential.
A strong plan for the future
A complete estate plan provides one with the opportunity to have confidence for the future and certainty regarding where his or her assets are going. An assessment of the specific estate and a Florida adult’s goals can provide clarity regarding this estate planning option. If a trust is a beneficial addition to a plan, quick action to establish this could be essential.