Florida Living Trust with Provisions for Disability

• Category: Trusts - Living Trusts
• State: Multi-State
• Control #: US-0651BG
• Format: Word; Rich Text

Description

A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.

Florida Living Trust with Provisions for Disability is a legal arrangement that enables individuals to manage their assets during their lifetime and secure their beneficiaries' financial future in the event of disability or incapacity. This trust is designed to ensure that financial affairs are handled seamlessly and according to the granter's wishes, even if they are unable to manage them personally. Incorporating relevant keywords, here is a detailed description of what a Florida Living Trust with Provisions for Disability entails and an overview of some different types: 1. Florida Living Trust: A Florida Living Trust, also known as a revocable living trust, is a legal document that allows individuals to retain control over their assets during their lifetime while establishing a clear plan for the distribution of these assets after their passing. Unlike a will, which goes through probate, a living trust helps avoid probate and allows for more flexible asset management, including provisions for disability. 2. Provisions for Disability: One key feature of a Florida Living Trust is the inclusion of provisions for potential disability or incapacity. These provisions serve as a safety net, ensuring that the trust creator's financial affairs are managed effectively if they become unable to do so themselves. When a person is declared disabled or incapacitated, trustees appointed in advance take over the management and distribution of the assets, following the granter's instructions. 3. Supplemental Needs Trust: A supplemental needs trust is a type of Florida Living Trust that specifically addresses the needs of beneficiaries with disabilities. It provides a secure way to manage and distribute assets to beneficiaries without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). 4. Special Needs Trust: A special needs trust, similar to a supplemental needs trust, is designed to support individuals with disabilities. This type of Florida Living Trust ensures that assets can supplement government benefits instead of replacing them, safeguarding the beneficiary's eligibility for essential assistance programs. 5. Successor Trustee: In a Florida Living Trust with Provisions for Disability, a successor trustee is named to step in and manage the trust assets in the event of disability or incapacity. This trusted individual or professional entity ensures that assets are protected, bills are paid, investments are managed, and the granter's wishes are carried out until their recovery or passing. 6. Trustee's Powers: A Florida Living Trust grants the trustee certain powers and responsibilities, which may include managing real estate, making investment decisions, distributing income and principal, paying bills, and ensuring beneficiaries' needs are met during the granter's disability or incapacity. These powers are outlined within the provisions of the trust document. In summary, a Florida Living Trust with Provisions for Disability is a comprehensive estate planning tool that allows individuals to manage their assets and ensure smooth asset management during periods of disability or incapacity. It helps protect the granter's interests and provides for the well-being of beneficiaries in accordance with specified instructions. Different types of Florida Living Trusts include the supplemental needs trust and special needs trust, both designed to address the specific needs of disabled beneficiaries. The inclusion of a successor trustee ensures seamless management and asset distribution during the granter's disability or incapacity.