Some people in Florida may want to consider creating a trust as part of their estate plan. A trust can be a good way to protect assets, but people should also be aware that trusts come to an end as well. It is important to plan how this will happen to ensure that the purpose of the trust is fulfilled.
The person who creates the trust is known as the grantor, and the person who is in charge of taking care of the trust is the trustee. The beneficiary is the person who benefits from the trust. The document that outlines the rule for the trust is known as the trust instrument.
If a trust property is made up of stocks or cash, the trust can come to an end when the beneficiary is paid the full amount. A trust may also end at a date or condition specified by the grantor. Conditions might be that a child will benefit from a trust until reaching a certain age or finishing college. This means a trust can also end while there is still property in it. When this is the case, the trustee and beneficiary may work together to ensure that the property is distributed. The trust instrument may include instructions on how this should be done.
Individuals who are creating a trust may want to talk to an attorney about what kind of trust they need and how to end it. A charitable trust might provide income for a surviving spouse or another individual while that person is alive, and the assets may pass to a charity after the beneficiary dies. There are also certain types of trusts that can be set up in the public interest and that may last much longer than any one person’s lifetime.