Trusts
Question: What is a trust?
Answer: There are many types of trusts. A revocable living trust is a document formally executed by a person (the grantor) transferring his or her assets to a trustee of that person’s choosing. Generally, a person establishing a revocable living trust will name himself or herself as the trustee for his or her lifetime. Upon the grantor’s death or incapacitation, a successor trustee will assume the responsibility and either administer the trust for the benefit of the grantor and/or the beneficiaries, or disburse the trust estate to the beneficiaries.
Question: What is a trustee?
Answer: A trustee is a person or entity named to administer a trust. The trustee’s job is to manage the assets for the benefit of the grantor or beneficiaries.
Question: What happens when someone dies without a valid trust or will?
Answer: When someone dies without a valid trust or will, the intestate laws apply - meaning who receives that person’s assets is determined by the Florida Statutes.
