What is the settlor’s intent?
The settlor’s intent is the intention of the person who established an inheritance trust. It can be seen as a "statement of wishes" and is legally binding. In Florida, the settlor’s intent determines how trust assets are to be distributed at the time of death and to whom. When creating an inheritance trust, the settlor will make sure that the trust document contains details of their wishes in order to ensure that the assets are allocated in the way they intended. The settlor’s intent is of the utmost importance and should be detailed within the trust document. This is so that the courts will know the exact wishes of the settlor when they are distributing the inheritance trust assets. Often times the settlor will also include a list of beneficiaries that will receive the trust assets. The settlor’s intent is a crucial element of inheritance trusts in Florida as it helps ensure that the trust assets will be distributed equitably according to the settlor’s wishes. It is important to note that once the document is created, it cannot be altered without written permission from the settlor. Furthermore, the settlor’s intent will be the ultimate deciding factor when it comes to how the trust’s assets will be distributed.
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