What is a testamentary trust?
A testamentary trust is a legal document used as part of disability planning law in Florida. It is a trust that is established under the terms of a will and is used to provide for the care and support of a disabled relative or friend. This trust is designed to ensure that the money or other assets of the trust are used for the benefit of the disabled person and not squandered on other things. The trust document outlines the specific wishes of the person who created the trust, such as who will receive income from the trust, as well as what types of expenses can be paid from it. A testamentary trust must be written and signed by the person creating it and can be amended if needed. It is important to note that the trust will not go into effect until after the person dies, making it a type of posthumous trust. The trust can also provide for the care of any children of the disabled person, and even provide a way to preserve assets in the event the disabled person needs additional care or support at a later date.
Related FAQs
What is a long-term disability insurance policy?How does a disability lawyer help me?
What disability benefits are available to me?
How does the Social Security Administration (SSA) determine disability?
What is the Family and Medical Leave Act (FMLA)?
How can I protect the assets of my disabled family member?
What is a living will?
How can a disability attorney help me?
What is Disability Planning Law?
What kind of information should I include in my Letter of Intent?
Related Blog Posts
Explaining the Basics of Disability Planning Law - July 31, 2023Preparing a Comprehensive Estate Plan with Disability Planning Law in Mind - August 7, 2023
Creating an Estate Plan to Provide Financial Security for Individuals with Disabilities - August 14, 2023
Important Considerations When Drafting a Disability Planning Document - August 21, 2023
The Advantages of Working with a Disability Planning Lawyer - August 28, 2023