Creating a trust can be helpful for those who want others to benefit from their funds while another party manages the assets in the trust. Trusts offer a chance for more control and potential transfer tax savings as compared to having only a will.
If you are interested in a living trust or even a trust that springs out of your will upon death, a Jupiter trusts lawyer may be able to help. Seeking the advice of a qualified attorney is an important step towards understanding all of your options.
A trust is executed by a settlor through a written instrument that contains the instructions for the trust. Those who might benefit from the monies in the trust are fittingly named beneficiaries. The settlor might choose another party to act as trustee to manage the funds, or the settlor may also act as the trustee in some cases.
A trustee is tasked with fiduciary duties to its beneficiaries. With some trusts, the trustee can invest the funds and pay them out as they prudently determine is fitting. Other trusts have specific distribution instructions from the settlor. A Jupiter trusts attorney may be a helpful resource for ensuring that a trust is correctly formed.
Trusts in Jupiter are governed by the Florida Trust Code. Per the code, trustees may be named by the settlor or appointed by a court. Generally, a trust does not fail for lack of a trustee because a court with jurisdiction over Jupiter residents or decedents can select one. Trustees have duties of due care and loyalty to the beneficiaries receiving the funds.
As stated in Florida Statute §736.0706, either the beneficiaries, a co-trustee, or the settlor, if they are still living, may petition a court to have a trustee removed. Valid reasons for firing a trustee include lack of fitness to effectively administer the trust or disloyalty.
There are many types of trusts, and some may be executed while the settlor is still living. In fact, the settlor may set up the trust so that it benefits them until their passing.
Charitable trusts in Jupiter must have a charitable purpose, as stated in F.S. §736.1201 through 736.1211. However, if the settlor fails to name a beneficiary or a charitable goal, a court with jurisdiction over a Jupiter trust may choose one. Per F.S. §736.0405, the Jupiter courts shall choose a charity that appears to fulfill the philanthropic aims of the grantor.
A Jupiter resident might also consider creating a will that provides for a distribution into a new trust upon death. In this case, the trust may be effectuated after the testator’s death. The instructions for the trust would be designated within the language of the will.
With an inter vivos, or living, trust, the settlor can transfer funds during their lifetime. The trustee holds the legal right to invest and distribute the funds as directed, and the beneficiaries might receive the funds either during the settlor’s life or after they pass away.
A living trust is typically revocable during the settlor’s lifetime. An experienced trusts attorney in Jupiter may provide further information on the implications of revocable trusts.
If you are interested in setting up a trust(s), it would be wise to call an attorney. A Jupiter trusts lawyer may be able to help you to solidify your wishes for your assets.