Testamentary Trusts

Many of our valued clients seek our assistance to ensure the financial well-being of their spouses and children even after they are no longer with them. A testamentary trust established as part of your Last Will and Testament can serve as a powerful means to provide sufficient support for your family. At Raymond Grimm Esq. P.A., we are experienced with estate planning and are ready to guide you in establishing your testamentary trust.

The Different Types Of Testamentary Trusts And Their Purposes

One common reason for including a testamentary trust in a Will is to provide an inheritance for a child while imposing certain restrictions on how
and when that inheritance can be utilized. By doing so, a testamentary trust serves the purpose of ensuring that the money or property you leave behind is utilized wisely and for appropriate purposes. Here are some examples of different types of testamentary trusts that are frequently employed in estate
planning in Florida.

Child’s Trust: Creating a child’s trust is a prudent way to safeguard your children’s inheritance until they reach an appropriate age to manage it independently. By assigning separate trust shares for each child, you have the flexibility to determine the specific age at which they will gain full access to their inheritance. This allows you to tailor the distribution to the unique needs and circumstances of each child, ensuring their future financial security.

Spendthrift Trust: A “Spendthrift Trust” is designed to provide beneficiaries with income while safeguarding the trust assets from being used as collateral or transferred. This type of trust offers protection from creditors in case the beneficiary faces legal action or goes through a divorce.

Special Needs Trust: These trusts are a valuable tool that safeguards funds for individuals with special needs without jeopardizing their eligibility for government benefits.

Contact Raymond S. Grimm Esq.P.A. To Create Your Estate Plan Today

Schedule your free initial consultation by calling Raymond S. Grimm Esq.P.A. at (941) 423-7897 or reaching out to us online today.