If you are the beneficiary of a Florida trust, you have more rights than perhaps you realize. You may be an adult child of a parent who had accumulated a modest ($2Million – $5 Million) estate in Florida, and left the estate in trust for your benefit, and also the benefit of your parent’s latest spouse. What should you, as a trust beneficiary, know about Florida trusts and your rights? In Florida, most people have a basic estate plan which includes a revocable trust, also called a living trust. Often, parents use a revocable living trust to leave money & property to their spouse, husband or wife, and then, after the spouse or widow dies, on to the adult children or heirs at law. In other words, as an adult child or heir, your inheritance from your parent may not be outright to you, it may be in trust. And you may not receive your inheritance until years afterthat parent passes away: after the passing of the widow or surviving spouse. Many times, the Florida trust may be for so called second or split families: your parent’s widow or spouse is a2nd or 3rd spouse, and you, the trust creator’s children, are adult children from a prior marriage or relationship. In other words, the trust first operates for your parent’s latest husband or wife, who is not your parent. When the creator of the trust, called the grantor or the settlor, (in our example, your parent) passes away, the trust becomes irrevocable and may often be referred to as a family trust or a […]