Sometimes people ask estate planning attorneys questions about wills or living trusts that reflect common misunderstanding of what these two tools are designed to do. When you and your estate planning lawyer create an estate plan, you will decide on some specific elements to include that will allow you to address each of your needs. Depending on your particular circumstances, the tools you decide … [Read more...] about Why Your Estate Plan Will Include a Will and a Living Trust
If you’re going to create a revocable living trust in Florida, you’ll need to take the time to think about whom you want to serve as your trustee. While many, if not most, people who create a living trust choose themselves to serve in this important role, this isn’t the only option. There are several factors you will need to think about when considering whom your trustee should … [Read more...] about Your Living Trust and Your Trustee: What You Need to Consider
Some people who hear about revocable living trusts mistakenly believe that if they use this tool they don’t need to create a last will and testament. While it is true that revocable living trusts will allow you to distribute your estate outside of probate and without a last will and testament, that doesn’t mean you can forget about creating a will. In fact, revocable living trusts call for a … [Read more...] about Wills and Trusts in Florida: A Good Revocable Living Trust Needs a Pour-Over Will
It’s very common for people to have an estate plan that includes a revocable living trust. If you have such a living trust and haven’t looked at it in a while, it’s probably a good idea to go back and review it soon. Taking the time to review the terms of your living trust every several years or so is an excellent idea because, like many estate planning documents, you’ll probably need to update … [Read more...] about You Should Update Your Living Trust in Florida
When people create an estate plan that includes a revocable living trust, they must then take the time to properly fund the trust. Funding a trust means transferring the property you own to the trust’s name so the trust becomes the new legal owner. Your estate planning lawyer will give you specific instructions on how to transfer different kinds of property, but you can expect to include the … [Read more...] about Getting The Most Out of Your Living Trust
The details of how a deceased person's property transfers to new owners are all addressed during the probate process. Like other court processes, probate is open to the public, so anyone who wants to take a look at your estate can do so. For some people, the idea that your final affairs will be open to public inspection is not a comforting one, and they seek to ensure privacy by using other … [Read more...] about How Living Trusts Save Money, Time, and Protect your Privacy
Baby Boomers are at the center of the focus of legal needs and aging these days. Not only are they becoming caregivers of aging parents, but they are learning to plan ahead for their own estate planning needs. So what is on the mind of baby boomers when it comes to estate planning? Financing Long Term Care As the Boomers see the cost of long term care and nursing home expenses top $70,000 … [Read more...] about Estate Planning and Baby Boomers
Creating a trust is a popular estate planning tool, particularly when it comes to a living trust. Here is a quick rundown on how a living trust works: A living trust is a legal arrangement in which a person, called the grantor, shifts ownership of property, such as stock, a home, real estate or bank accounts, from their ownership into the legal ownership of the trust. A trustee manages the … [Read more...] about What are a Successor Trustee’s Duties?
Your estate planning doesn't end with creating a Will or a Living Trust. Whatever estate planning tool you use, it is essential to know what assets will fund these vehicles and provide for your heirs (and creditors) after you are gone. For your estate, the Probate Court and the Internal Revenue Service will need to know the precise value of your assets on the day you die. If you own your home, … [Read more...] about Do you know where your assets are?
Many people interchange the terms Living Will and Living Trust, but they are much different from each other. A Living Will is a used to make your wishes known in case you become incapacitated from an illness or an accident. Typically a Living Will includes directives relating to one’s health care, treatment by a doctor, or perhaps a do-not-resuscitate order. A Living Will is very helpful to the … [Read more...] about The Living Will as Compared to a Living Trust