Trust Accounts
Tailored Precision for Efficient and Effective Private Asset Management
Trust Accounts stand out as one of the most versatile tools a Florida resident or business can use to manage and distribute their assets.
At its most simplistic, a trust is a legal arrangement in which a person, called the grantor or settlor, transfers personal assets to a trustee, who holds and manages those assets for the benefit of one or more beneficiaries the grantor/settlor designates.
Trusts are invaluable tools for effective asset management due to their inherent flexibility, control, and strategic benefits. One of the key advantages is the ability to customize trust provisions according to the unique needs and preferences of the settlor. This customization helps provide a structured framework in which a large number of varied assets can be arraigned and distributed, and allowing for precise instructions on how, when, and to whom assets are allocated.
Trust accounts are commonly used in real estate transactions to hold earnest money and security deposits. Escrow services, employee benefits management, client funds for professional services, and nonprofit organizations all utilize trust accounts to safeguard and allocate funds appropriately.
In the construction industry, trust accounts hold project funds, while in guardianships and estates, they ensure responsible financial management. Credit repair services may use trust accounts for transparent fund handling, and in pre-paid funeral arrangements, trust accounts secure funds for future expenses.
Contact our office today to find out how we can help protect your assets through a Florida trust document. Click on the links below for more information on each type of trust:
Allows settlor control over the trust during their lifetime.
Offers flexibility for the settlor to make changes through amendments or revocation.
Bypasses probate, ensuring efficient asset distribution post-death.
Provides asset protection by removing assets from the settlor's estate.
May offer tax benefits, minimizing estate taxes.
Ensures a level of security for beneficiaries due to irrevocability.
Testamentary Trusts:
Created through the settlor's will, taking effect after death.
Specifies asset distribution and management instructions.
Subject to probate, potentially leading to longer administration times.