St. Augustine trustors establish a Florida Trust may have numerous objectives in mind. Trust assets can benefit several beneficiaries; a trust may help you avoid the probate process by funding the trust during your lifetime; and Florida trust funds can be managed by professionals. Professional management of the trust is important if the beneficiary is a minor or a mentally incompetent adult, or useful when the beneficiaries are not experienced with investing money or managing property.
In Connecticut, a man who was appointed trustee by a probate court, began to embezzle trust funds from his grandmother’s trust leaving her without enough money to live on. The grandson trustee’s transactions of investments to benefit the trust, were actually in violation of the established rules of the trust. Needless to say, the grandson is no longer trustee, and may be looking at jail time. Florida has laws that can make actions like these a crime against the elderly.
Establishing a Florida Revocable Trust is an important estate planning tool for many people regardless of their net worth. It is however, vital to speak with a St. Augustine Estate Planning Lawyer who can give invaluable advice as to your choice of trustee and successor trustee as well as the various duties, powers and limitations of the trustee.