Florida residents may wish to have a trust. They have many different uses. There are also many types of trusts that cover varying purposes. Today we will look at some of the types of trusts that are common.
First, most trusts fall into two categories: revocable and irrevocable. You can change, modify or alter a revocable trust at any time in your life. You can even revoke it, as the name implies. This is also called a living trust and helps people avoid probate. This makes them popular. You cannot change irrevocable trusts in any way after its creation. You cannot take property out of the trust. Even the trustmaker cannot take property out. This causes a great difference from revocable trusts.
Special needs trusts are common as well. This trust is set up to help provide for a person who gets government benefits. Due to various reasons, they cannot manage this money on their own. The trust is where government money goes. The person who manages the trust then utilizes this money on behalf of the beneficiary.
Charitable trusts benefit either the general public or a specific charity. You can choose many charities as well. This is often used to support causes a person believes in. It is also a way to avoid gift or estate taxes.
It may seem daunting to create a trust at first. The laws surrounding trusts seem complex and hard to manage. Reading more about trust and trust creation or administration may help. You can follow the link here to our web page. Read more about trust and probate administration today.