Everyone in Florida seems to be going crazy to setup a Florida living trust. Often we find ourselves asking why does this client need a living trust. In most cases they don’t, but if clients are looking for privacy, to save time or money on probate or have assets in…
Often clients ask about Do it yourself living wills, wills, trusts, and other components of estate planning. I read an interesting post by an Estate Planning Attorney and although they are not in Jacksonville Florida their advice and commentary is very relevant. Basically with a will, you don’t often get…
In Florida estate planning a person can leave money in trust for the care of an animal. As of July 1, 2007 Florida Statute 736.0408 replaced the previous statute 737.116 which was effective from April 23, 2002 until June 30 2007. The new Florida Statute states: (1) A trust may…
In Florida a Successor Trustee is the person or institution named in the Revocable Trust agreement or other trust agreement who will assume control of the trust if the original trustee dies, resigns, or becomes unable or unwilling to act. There can be several layers of back-up trustees that take…
Florida Spendthrift Trust: A trust established to provide a fund for an individual that includes a provision intended to secure it against that person’s lack of caution and protect it against the claims of creditors. A person can typically prevent against their own creditors but they can achieve some asset…
In Florida a Revocable Trustcan be amended and revoked, by the grantor who established the trust. This trust may become irrevocable and no longer amendable when the grantor of the trust dies or becomes permanently incompetent. Living Trust also known as Revocable Trust of Revocable Living Trust: A trust that…
In Florida wills, Florida Trusts, and Florida Estate Planning it is important to deal with Pretermitted children. Make sure your Florida Estate Planning Attorney and the estate planning documents deal with them or you can have unexpected results. A Pretermitted Child A child by birth or adoption who became a…
A Florida Power of Appointment is a right given to another in a written instrument, such as a will or trust that allows the other to decide how to distribute your property. The power of appointment Can be a general power of appointment if it places no restrictions on who…
In Florida Estate Planning, Florida Guardianship Proceedings, and Florida Probate cases it is often necessary to setup a full or plenary guardianship. Guardian: an adult appointed by a surviving parent in his or her will or by a court, who is responsible for a minor child or legally incapacitated person’s…
In Florida Probate, if an individual acquired assets while living in a community property state, those assets, their proceeds, and income received from the assets may be subject to a different distribution than assets or income that was acquired while living in a non community property state such as Florida.…