Law Offices of Frye & Vazquez, P.L.
Call Today. 305-508-5749 | 877-421-5473

Types of people who can be beneficiaries

Floridian residents have the option of setting up trusts in order to benefit an individual, several people, or even an entire organization or the general public. There may be some limitations on who can be a beneficiary, however.

Black's Law Dictionary defines a trust as an "equitable or beneficial right" to assets, which is held onto for the beneficiary by a third party. In other words, one person is the source of the assets. This person can either be alive or deceased. Another person - the trustee - is the one who receives these assets. However, they must use said assets for the sake of the beneficiary. The term "assets" can be used to refer to any number of things, including property or vehicles. However, in the case of trusts, it's usually referring to money.

Many different people can become beneficiaries. According to FindLaw, just some of the people who may benefit from a trust include those who are no longer capable of making sound decisions on their own, such as the elderly or someone who has suffered from brain trauma. People who were never able to make sound decisions, such as those with developmental disabilities, can also count. Minors are another type of beneficiary, as they often don't have the life skills or experience necessary to handle large sums of money responsibly.

Additionally, trusts can be left for charitable organizations. This money is then used among the organization itself. Money can also be given to the general public and may be used in the structuring or creation of community parks and other projects. In the end, deciding who will benefit and how many will become beneficiaries is up to each individual to decide.

No Comments

Leave a comment
Comment Information

What Our Clients Are Saying

  • I have known and worked with Austin Frye and his team since 2008. In that time he has helped serve both my business and personal legal planning needs. From guidance on reviewing and keeping shareholder and state documentation up to date... - Robert
  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
  • Austin Frye provided legal services to my father while alive and to his estate after his death; when showing the EP docs his firm prepared to other professionals (lawyers, financial advisors, accountants)… - Mark S
  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
  • Massachusetts Bar Association
  • The Florida Bar 1950
  • CFP
  • Florida Bar Elder Law Member
  • Academy Of Florida Elder Law Attorneys
  • Florida bar Business law Member
  • NAELA National Academy of Elder Law Attorneys, Inc.
Email Us For a Response

Contact Us For Personal Attention To Your Legal Matter

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location

Get In Touch With Us
20900 W. Dixie Highway
Miami, FL 33180

Toll Free: 877-421-5473
Phone: 305-508-5749
Map & Directions