When it comes to estate planning, individuals have several options and many details to consider. One way to transfer assets to beneficiaries or heirs is through a structure called a trust. A trust has certain benefits for Florida residents who are looking into the process of planning how to pass along their accumulated wealth.
A trust holds assets for the trustee. As compared to a will, the trust vehicle can help a family avoid estate taxes, keep the assets out of probate and maintain privacy by keeping information out of the public record. A trust also offers a lot of control for the trustee, who is able to determine exactly under which conditions the funds are disbursed to beneficiaries.