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Modern trusts could involve complex structures

Florida residents who want to leave money or other assets to beneficiaries by setting up trust structures may benefit from in-depth planning. Today's trustees commonly serve multiple functions that may necessitate the implementation of critical positions or arrangements. This is a stark departure from traditional structures that often relied on a single trustee.

Trustees commonly fulfill roles based on the desires and goals of trust creators. While investment trustees take charge of investments in directed trusts in order to maintain control of private equity, distribution committees made up of fiduciaries may be necessary to implement specific distribution actions. In some cases, fiduciary powers are left in the hands of independent entities, or protectors are appointed to oversee essential administrative actions, like designating new trustees or reassigning a trust's location. Other positions, such as charitable selectors and loan directors, may be granted the ability to choose charitable beneficiaries, make loans to a trust's settlor or exchange trust assets for other properties.

Some jurisdictions permit unique trust practices, such as decanting, or moving one trust into a new trust to make changes in the way it is governed. Modern trusts may also be implemented with specific appointment powers that provide flexibility while governing whether people can take specific actions such as designating certain parties as appointees.

Setting up a trust may be a smart investment move for those who want to leave something behind. Because there are so many options for administering these structures, however, it's smart for their creators to research how different estate planning documents play a role in trust management. Learning about the legal rules associated with different trusts may also be a good way to minimize beneficiary tax obligations.

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