Living Trust / Revocable Trust

November 4, 2009

Is a Will Contest Clause in Florida Valid? How about a Trust?

Will Contest Clauses are generally included to prevent children or beneficiaries from attempting to dispute their portion of an estate. In some states they are valid and many others like Florida they are not valid by statute.

Given that a No Contest Clause in a Will is invalid in a Florida Probate case, should they be used in Florida? If your will is contested and the end result under the state statute may be the same, it may provide any benefit to include the no contest language.

Today people move quite often and may have assets in other states that do recognize Will Contest clauses. Given that one of these situations may enable a no contest clause to be enforced, it might be a good idea to include them in your Florida Estate Planning Documents.

October 16, 2009

When to review your Florida Estate Plan.

by David M. Goldman

Many of my Jacksonville Estate Planning clients ask me when and how often they should review their Florida Estate Plan. I like to recommend that people take a look at their situation on a yearly basis and if they notice any of the following, they should make an appointment with their Florida Estate Planning Lawyer.

1. Change or contemplation of change in Marital status;

2. Death of spouse;

3. You or your spouses’ health changes;

October 14, 2009

Estate Planning & Trust Administration with Genetic Material

by David M. Goldman

As the use of genetic material becomes more accepted, the issue of what and how to deal with it has begun to be an important part of estate and trust planning and administration. Not only could this change distributions or dilute inheritance, but without guidelines or requirements for the disposition of genetic materials, there could be a conflict between the legal requirements of a trustee and what is ethically permissible as well as legal at the time of your death. The Wills, Trust & Estate Professors Blog has an article that references Jerry Coopers’s article on Trust Administrators Tool-Up for Custody and Care of Client’s Genetic Property.

October 12, 2009

When not to us a Living Trust in Florida

by David M. Goldman

Florida Revocable Trust‘s are often used to avoid problems. The North Carolina Estate Planning Blog has an interesting article on when you should not use a Living Trust.

1. You want the court to dictate how your estate is handled.

2. You favor supporting the government, so you like the idea of your estate paying thousands of dollars in court fees.

3. You believe testamentary dispositions and lists of assets should be public record.

August 17, 2009

Hurricane Season and Storage of Florida Estate Planning Documents

by David M. Goldman

Florida Estate Planning Documents can be lost during a hurricane or tropical storm. Just when a Florida Will, Power of Attorney, or Florida Living Will, Designation of Health care Surrogate & HIPAA release.

You should protect your original signed documents by keeping them in with in waterproof container and if possible off the floor or at a bank in a safety deposit box A scanned copy of these documents should be keep with your and made available at an off site storage facility like Google or any free document storage provider.

If you home is damaged and is inside a Florida Revocable Trust you may have to provide an original copy of the trust to the insurance company.

August 12, 2009

Mandatory Arbitration Clause in Florida Trusts is valid per Florida Statute 731.401

by David M. Goldman

Trust Arbitration Clauses are common in Florida. In many states, they are not always enforced but Florida passed a law a few years ago that makes them enforceable in Trusts.

Florida Statute 731.041 Arbitration of disputes.

(1) A provision in a will or trust requiring the arbitration of disputes, other than disputes of the validity of all or a part of a will or trust, between or among the beneficiaries and a fiduciary under the will or trust, or any combination of such persons or entities, is enforceable.

(2) Unless otherwise specified in the will or trust, a will or trust provision requiring arbitration shall be presumed to require binding arbitration under Florida Statute 44.104.

July 15, 2009

When is an Heir an Heir? Can forum Shopping Protect Your Heirs?

by David M. Goldman

Matthew Gardner an Estate Planning Lawyer who writes the Iowa Estate Plan Blog has an article on a child conceived after death and how his state and Social Security treats this child as not being an heir of the decedent. The Iowa Probate Code and many states specify that in order to qualify as an “heir” under Iowa law, you must have been conceived prior to the death of the biological parent. You can see with recent medical advancements, this with become more of an issue as time goes on.

If you have a potential for future heirs after your death, you may consider the jurisdiction of your trust or estate to avoid or permit additional children to share in your estate.

Update:

June 3, 2009

Is Your Child Trust-Worthy?

by David M. Goldman

The Wall Street Journal has an article on Deciding if Your Kid is Trust-Worthy where they discuss using trust like a Florida Estate Planning Lawyer would use to protect your families assets.

Part of the article is devoted to helping you determine if your child or your children are the best ones to manage your finances or Florida Revocable Trust in the even you become incapacitated or die. These are areas you should discuss your your Florida Estate Planning Lawyer in an effort to determine how best to structure a Florida Revocable Trust.

May 7, 2009

Wills and Trusts- Which is Better for me

by David M. Goldman

In Jacksonville and around Florida we are often asked about the differences between a Florida Will and a Florida Revocable Trust. Although each persons circumstances are unique, generally the following factors tend to determine which is better in relation to disability and death in relation to the cost of a Florida Probate or avoiding Probate in Florida.

A Will tends to be the best tool if these issues fit your circumstances:

Limited cash flow Limited assets, including life insurance

A Trust tends to be the best tool if these issues fit your circumstances:

Older clients Large qualified retirement plans (IRA, 401k, 403b, etc.)

May 6, 2009

Advantages of Using a Trust for Estate Planning

by David M. Goldman

Estate planning can help deal with the proper use and distribution of your assets upon a disability or your death. Below are several of the advantages of using a Florida Revocable Trust for Disability and Death Planning.

DISABILITY PLANNING

No probate, so everything remains private.

You decide the criteria for your disability and you pick those who will determine whether that criteria have been met.