Setting up a trust in Florida could potentially safeguard your assets. The idea is that someone responsible uses the money in the specific way you intend. If there is a purpose you have in mind for your wealth, then there is likely a trust to fit that specific purpose.
In short, you could consider using a trust if you care about who receives your money and how they use it. If you want more control over your resources and you are willing to commit time and money to achieve that goal, then read on.
You could conceivably divide all trusts between two categories. While this is an oversimplification, you could choose one of the following: a type of financial strategy in which you retained control over your wealth for the time being or one in which you allowed somebody else to take care of matters.
The Motley Fool offers a great deal more detail on the subject of trusts for wealth management and probate avoidance. The article attempts to dismiss the misconception that you have to be fabulously wealthy to establish a trust. It also outlines a few categories, including:
- Charitable giving
- Testamentary documents
- Revocable and irrevocable trusts
Regardless of which you choose, these documents should be written to take full advantage of their legal protections and predict potential risks to their integrity. In the case of a trust that is designed to manage assets after you are no longer able to do so, it is often important to choose the language carefully in order to dissuade administrators or beneficiaries from reallocating the funds. This is not intended as any type of professional advice, it is only meant as a general discussion.