Florida residents may create trusts for a variety of reasons. For instance, they may do so in an effort to protect assets or minimize an estate tax bill. While a trust may exist in perpetuity, there are ways in which such a document may terminate. For instance, the creator of the trust could specify that it expires on a certain date in the future. The trust could also expire if the money or other assets inside of it have been fully distributed.
If property held in a trust is destroyed or liquidated, it may lead to the cessation of the trust. In some cases, a trust may end before all of the assets inside of it have been distributed to a beneficiary. In such a scenario, it is up to the trustee and the beneficiaries to determine how those assets should be allocated.
An individual may leave instruction as to how this should happen. If no instructions are left, it may be best to distribute assets with the assistance of an attorney. This may be especially helpful if beneficiaries do not agree as to how this should be. An attorney may be able to help resolve a dispute without the need to go to court. Resolving disputes amicably may also preserve relationships between family members.
Individuals who are interested in using trusts as part of their estate plan may want to speak with an attorney about creating them. He or she may be able to help a person learn more about the cost of creating a trust, the different types of trusts available and the specific benefits of doing so. For instance, an irrevocable trust may keep assets out of a creditor’s grasp while a revocable trust can be changed at almost any time.