Many people in Florida want to be able to leave behind a legacy that future generations may use to further their education. Whether people are considering their children, grandchildren or other loved ones, they may be looking for a way to shape their estate plan in order to support their educational development. There are several different mechanisms that people can use to make educational bequests; one of the most popular of these methods is the creation of an educational trust.
Trusts can be very flexible, allowing people to set different conditions that allow people to access their bequests. There are also a few different ways that people can create an educational trust when several beneficiaries are being considered. One of the most common methods is a pot trust, created when all of the funds are left behind in one "pot." However, people who create this type of trust may want to include certain conditions to make sure that there is enough money for all potential beneficiaries. Of course, beneficiaries could receive unequal distributions if they choose more or less expensive universities. If one beneficiary is much younger than the others, he or she might find that the trust is depleted before they have an opportunity to access it.
In order to give equal bequests, people could also choose to leave behind separate educational trusts for each person. However, different people may simply have different educational costs, so people will want to keep in mind what would happen with remainders left over after educational expenses have been completed.
When people think about how to care for their families after they are gone, educational gifts are some of the most popular mechanisms. An estate planning lawyer may be able to provide advice and guidance on creating trusts and other mechanisms that can allow people to fulfill their goals.