Hi, I’m Reed Bloodworth, the managing partner of Bloodworth Law with offices in Orlando, Florida and Winter Haven, Florida.
What are the Differences in Florida Trusts?
- The Revocable Living Trust or Inter Vivos Trust. These trusts are often established to avoid the probate process, and make sure that assets go to the trust grantor’s (creator) intended recipients without a lengthy court process after the grantor’s death.
- Grantor Trust. A Grantor Trust is created by the individual who has initiated the trust in order to transfer property to another person or business entity for purposes of avoiding probate, taxes, or other complications stemming from the disposal of assets.
- Irrevocable Living Trusts are contracts created to transfer or manage assets of an individual that the trust creator claims is not competent to manage property or other assets.
- Testamentary Trust. A testamentary trust is created through explicit instructions in the will of a deceased individual.
- Minor’s Trust passes assets to a child and provides for management of those assets until the child reaches a certain age when the trust creator specifies they assume full control of the assets.
- Beneficiary’s Trust, or Separate Share Trust, or Spendthrift Trust. These trusts allow trustees to manage the assets in a trust for the welfare of the recipient of the trust.
- Blind Trust. A blind trust allows the trustees or anyone holding power of attorney to handle the assets of the trust without the knowledge of the beneficiaries.
- Discretionary Trust. In a discretionary trust, the beneficiaries and assets are not fixed but determined by criteria established in a trust instrument and administered at the discretion of the trustees.
Knowing which trust you need should not be left to chance. Nor should administering a trust when the benefactor becomes incapacitated or dies.
Reed and the Bloodworth Law team represent family members, trustees, beneficiaries, as well as professional corporate trustees in guiding them through their fiduciary duties and responsibilities.
If you have a trust dispute between family members and are considering litigation, give me a call. Let’s talk about how Bloodworth Law can help you, your family, or your business.Consider sharing this post