Floridian residents have a lot to figure out when looking into trusts. Not only are there many different types of trusts, but each one suits a different need and purpose. At the Law Offices of Frye & Vazquez, P.L., we strive to help you find the type of trust that suits your situation the best. Today, we'll take a look at some of the most common trusts.
Irrevocable and revocable trusts are terms you will likely see a lot. Revocable trusts can be changed or cancelled entirely for any reason you want, at any time you want. It's great for people who value flexibility or aren't entirely sure about the arrangements made. Irrevocable trusts, on the other hand, are permanent.
Charitable trusts work for the benefit of the public. This is because the money in the trust is donated to one or many charities of your choice. You can even set a charitable trust to benefit the general public.
Special needs trusts benefit any individual unable to make financial decisions because of developmental disabilities. This allows the trustee to help cover their living expenses while managing their money in a low-stress environment.
If you are thinking about setting up a trust, consider taking a look at our web page. There, we talk about the formation of trusts, their uses, who can benefit from them, and more. You can also choose to speak with our attorneys. Since every situation is unique, what applies to one person may not necessarily work for you, so it's best to get a tailored analysis.