While you’re working on your estate plan, one of the things you may want to do is establish a living trust. A living trust is a formal, written document that establishes a trustee who will take control and possession of assets that are placed in a trust. A living...
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Does a Will or Trust always control distribution of your assets?
We often have clients ask the question whether a Will or Trust always controls the distribution of their assets. The fact of the matter is that they do not always control. Here are two categories where neither the Will nor a Trust would govern distribution:...
Which Separate Writing Counts if There’s More Than One?
In previous blog entries, we’ve discussed the use if a “separate writing” in Florida estate planning. A person may refer to a separate writing in his or her Will or Trust. The separate writing allows a person to gift their personal property such as jewelry, furniture,...
Why You Need a Living Trust
Many times people come into our office and tell us that they’ve read that they need a Living Trust (also known as a Revocable Trust). Sometimes they heard it through a friend or in something they've read. However, they often don't have a clear grasp of why they need...
Exploring the different types of trusts in an estate plan
It is not uncommon for individuals to feel intimidated by the scope of an estate plan. While developing a comprehensive estate plan can be a complex undertaking, the flexibility allows people to determine the distribution of their assets and prevent unnecessary...
Estate Planning in the Face of a Divorce: Update Your Estate Documents
When a married person is facing divorce, updating their estate planning documents is a must. Why? Because of the potential ramifications in the event of an illness, incapacity, or death. Most married couples name their spouse on their estate documents. This might...
Protecting a Beneficiary who has a Substance Abuse Problem
In our estate planning practice, we regularly have parents or grandparents who are concerned about leaving an inheritance to a beneficiary who has a substance abuse problem. The concern is real in that a beneficiary who suddenly comes into a sum of money could use it...
Vacancy in Trusteeship: When no one designated can or will serve.
When setting up an estate plan in Florida, one very helpful instrument is the “Living Trust” (also called a “Revocable Trust” or a “Revocable Living Trust”). The Living Trust is a written document into which the Grantor (the person establishing the Trust) places...
What is the difference between a Testamentary Trust and a Living Trust?
In estate planning, there are two main categories of Trusts. The first is known as a “Testamentary Trust.” This is a Trust established through a person’s Last Will and Testament. In other words, there is no separate “Trust document.” The Testamentary Trust us usually...
Structuring Distributions in Order to Protect Beneficiaries
In our estate planning practice, we often have clients who are concerned about how their beneficiaries will use the assets which they will inherit. Sometimes the concern arises out of some personal problem of the beneficiary such as substance abuse; they don’t want...
