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.