Did you know that you can update your estate plan? This is beneficial for many people who want to add or remove assets from their estate plan. It is often recommended that people update their estate plan every three to five years to keep their last wishes up to date. ...
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Trust
What assets cannot be included in a Florida trust?
Trusts are important estate planning resources, as they can allow you to specify how your assets are managed and distributed, providing control over your wealth even after death. As such you should have a solid understanding of how trusts are created in order to make...
Why should you have a trust with special wording?
People often misunderstand that a will and a trust are not the same thing. While they both help dictate how assets are distributed after someone passes away, trusts often have more benefits. Trusts are able to circumvent probate, estate taxes and will disputes. People...
The pros and cons of education trusts
Does your child wish to attend a trade school or university? If so, you want to make their dream come true, but you’re overwhelmed by how expensive post-secondary education is. After all, the average cost of college tuition is $21,035 per year for public universities...
Gifting Precious Metals Through Your Estate Plan
When setting up one’s estate plan, consideration should be taken about the different types of assets which are to be devised (i.e. gifted at the time of death by Will or Trust). One category of asset that has become particularly popular and valuable to own is that of...
Should I title my vehicles in my Revocable Trust?
Estate planning attorneys commonly help their clients establish is a Trust. Such Trusts are commonly called a “Living Trust” or a “Revocable Trust” or a “Revocable Living Trust”. Frankly, the title does not matter. In this blog, we will simply call it a “Trust.”...
Rights of a Qualified Beneficiary under a Trust in Florida
Florida’s Trust Code, set forth in Chapter 736, Fla Stat., defines who is a “qualified beneficiary” under a Trust and sets forth the rights such a beneficiary has with regard to the administration of the Trust. Some of the more important rights of a qualified...
When it comes to a Florida Trust, who is a Qualified Beneficiary?
Florida’s Trust Code, set forth in Chapter 736, Florida Statutes, defines who is a “qualified beneficiary” and sets forth the rights which such a beneficiary has under a Florida Trust. Section 736.0103 (19) Florida Statutes provides as follows: “Qualified beneficiary”...
How can you avoid probate in Florida?
In Florida, probate is a court proceeding where the estate of a deceased person is administered and distributed to the decedent’s beneficiaries. Typically, filing probate involves hiring an attorney who prepares certain required paperwork which is then signed and...
Six Essential Estate Planning Documents You Should Have
In most Florida estate plans, there are six essential documents which you should have in place. These include the following: Last Will and Testament. This document allows you to appoint a Personal Representative to oversee your probate estate and to designate your...