The flexible nature of a trust is one reason that trusts are so often found in an estate plan. Among the numerous and varied estate planning goals that can be furthered using a trust are: Probate avoidance Pet planning Medicaid planning Asset protection Incapacity planning Special needs planning Protecting the inheritance of a minor child Charitable gifting Managing … [Read more...] about Why might I need a trust in my estate plan?
The individual who holds the trust property is the Trustee. In general, a Trustee is responsible for administering the trust terms as well as protecting and investing trust assets. In practice, however, the duties and responsibilities of a Trustee are often diverse and complex. One of the most common mistakes Settlors of a trust make is to name someone as their Trustee without first gaining an … [Read more...] about What does a Trustee do?
Although every estate plan is as unique as the individual creating the plan, there is a good chance you will include a trust in your estate plan given how popular they are. At its most basic, a trust is a relationship whereby property is held by one party for the benefit of another. Trusts are broadly divided into living trusts and testamentary trusts with the former activating during the lifetime … [Read more...] about What is a trust?
This is something that can truly only be decided after consulting with an experienced estate planning attorney; however, there are some common considerations when deciding whether a Will or a trust should be used. If your estate is small enough to qualify for small estate administration, and you do not have minor children (nor plan to have any in the near future), a Will usually will suffice. If, … [Read more...] about Should I use a Will or a trust to distribute my estate assets?
This is a very common mistake people make. In today’s electronic age, it is easy to find just about any DIY legal formyou might need. Although it is understandable that you might see an opportunity to save time and money by using one of these forms, the reality is that you are more likely to cost your loved ones a considerable amount of unnecessary time and money when it comes time to probate your … [Read more...] about Can’t I just use one of those DIY Will forms I found on the internet to save money?
People offer all sorts of explanations for why they have yet to create even the most basic estate plan. The simple truth is that every adult can benefit from having an estate plan in place, without regard to age, marital status, or net worth. At a bare minimum, executing a Will ensures that the State of Florida will not determine what happens to your estate assets and will decrease the possibility … [Read more...] about I’m too young (too poor, not married etc.) to need a Will aren’t I?