A trust is a document where a person or entity (the trustee) manages the property of another (the trustor, grantor, or settlor) for the benefit
of another (the beneficiary).

 

Trust instruments can be created while the trustor is alive (an irrevocable or living trust) or substitute for a will (a revocable living trust) to provide for the distribution of assets upon death.

Additionally, gun trusts, charitable trusts, and Medicaid trusts are all examples of legal instruments that can help us to accomplish our goals and meet our desires.

However, careful drafting and attention to detail are required in order to achieve the desired beneficial results and avoid harsh legal consequences.


Requirements Of A Trust

In Florida, the following requirements are necessary for the creation of trusts:

  • A “settlor” (also known as a “grantor”) who possesses the legal capacity to create a trust;
  • Intent on the part of the settlor or grantor to create the trust;
  • A definite beneficiary (unless the trust qualifies under the Florida Statutes as a charitable trust, non-charitable trust, or animal trust);
  • A trustee with duties to perform; and
  • The trustee cannot also be the sole beneficiary of the trust.

Common Types Of Trusts


Irrevocable Trusts

An irrevocable trust is different than a revocable trust. Once the settlor has established and funded an irrevocable trust, it generally cannot be modified or terminated without the consent of the beneficiary.

With an irrevocable trust, the settlor has usually transfers away all rights to ownership to the trust property. Irrevocable trusts are often seen as separate legal entities and may apply for and receive their own EIN. Depending on how the trust is formed, irrevocable trusts may also pay their own income taxes and have their own federal income tax brackets.

Irrevocable Trusts

An irrevocable trust is different than a revocable trust. Once the settlor has established and funded an irrevocable trust, it generally cannot be modified or terminated without the consent of the beneficiary.

With an irrevocable trust, the settlor has usually transfers away all rights to ownership to the trust property. Irrevocable trusts are often seen as separate legal entities and may apply for and receive their own EIN. Depending on how the trust is formed, irrevocable trusts may also pay their own income taxes and have their own federal income tax brackets.

Gun Trusts

A gun trust is a special trust designed to hold Title 2, Class III weapons such as machine guns, suppressors, short barreled rifles, short barreled shotguns, and other weapons. The trust is set up for the benefit of an established beneficiary while granting possession to the trustee.

The chief benefits of a gun trust include: the ability to acquire certain firearms without the approval of a Chief Law Enforcement Officer, the ability to have multiple operators without having to effectuate additional transfers, and the avoidance of the probate process breaching the owner’s right to privacy.



A gun trust is a complicated and sophisticated legal instrument that requires extensive knowledge regarding overlapping areas of federal and state law.

One should never attempt to put a gun trust into place without consulting an attorney knowledgeable in these areas, otherwise harsh criminal and civil consequences could result..

Trust Litigation

Much like wills, the validity of trusts are frequently contested in the courts. Additionally, the trustee given power over the trust may be sued for improper accounting and trust mismanagement.

When something like this happens to you or your trust, you need an attorney who is knowledgeable about trust litigation.

At Ourednik Law Offices, we are prepared to assist you in handling your trust in a variety of legal actions including: challenges to trust validity, trust contests, and trust reformation.

We are also prepared to defend you as trustee against charges of improper accounting, breach of fiduciary duty, and trust misappropriation/mismanagement.

How We Can Help You

Learn How A Trust Can
Protect Your Assets

We will help construct a trust that meets your needs