Every Florida family has different estate planning needs and goals. In some situations, leaving assets through a will is sufficient, but there are other tools available that can help a person achieve his or her goals for beneficiaries and heirs long after passing. One way to do this is through trusts. This specific option allows a person to set aside and protect assets for a specific use.
Many people use trusts as a way to set aside money and assets for beneficiaries, such as grandchildren. It is not always easy to know when to inform beneficiaries of this step and how involved they should be in this process. The people who will benefit from a trust may have to wait years, such as when he or she reaches a certain age, to have access to the assets.
There are some people who believe that it is best to delay informing beneficiaries about a trust. This may be a good way to prevent a sense of entitlement and lack of motivation to get an education and pursue a career. A person may want to intentionally delay informing a person about a trust, but there are certain laws that may require disclosure. In fact, many states have laws that mandate beneficiaries receive a yearly statement about the trust assets.
When making important estate planning decisions regarding trusts, it is helpful to discuss concerns with an experienced Florida estate planning attorney. This can help a person ensure he or she is following all pertinent laws and regulations about how to handle a trust. Failure to handle a trust properly can lead to complications for a beneficiary in the future.