What is a trust?

A trust is a legal arrangement set up by someone (called the “grantor”) during their lifetime. When you set up a trust, you place certain assets into the trust and appoint a trustee, who is responsible for administering the trust and making sure all of the terms of the trust are met. When it comes to Elder Law in Florida, trusts are used to help accomplish a variety of goals. A trust can be set up to provide for medical expenses for an individual or to help manage the estate of an individual who is ill or incapacitated. Trusts may also be used to protect assets or to minimize the impact of estate taxes. Trusts can also be used to ensure that assets are available and distributed to individuals in accordance with the grantor’s wishes upon death. In this instance, an individual can name beneficiaries of the trust and the trustee is responsible for seeing that any assets in the trust upon the grantor’s passing are distributed accordingly. Finally, trusts can be set up for a variety of other reasons, such as for charitable donations or for a family business. There are many types of trusts, so an elder law attorney can help explain the advantages and disadvantages of each type of trust and help individuals create the trust that’s best for them.

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