Search Results: revocable trust

Millions and billions of dollars pass through revocable trusts in Florida to beneficiaries, family members, in-laws and even outlaws. But many people mis-understand what a revocable trust is. This is your easy-2-understand guide. We have previously written about these estate planning documents, or entities (click HERE to read more). Now, let’s go a bit deeper. What is a Revocable Trust Florida? Background — why do I care? You need to know about revocable trusts for 2 main reasons. First, everyone in Florida has them ! (Mostly everyone !!). They work just like a will….sort of ! They are part of a Florida resident’s estate plan. They can work with a pourover will and also a power of attorney. Most of the time, someone has a will that leaves most everything to their revocable trust. Then, the revocable trust gathers assets and administers those assets according to the trust document. The trust document may, for example, distribute everything right then and there. Or, keep money in trust for years and years to come. (Some beneficiaries may never get a dime. And some may not see any money for decades unless you modify the trust. Want to modify a trust? Start by reading this law. ) What else do I need to know about what is a revocable trust Florida? What is a revocable trust ? Second, that’s how a lot of inheritances are left or created. Through one of these trusts. While most of the time a lawyer writes a trust. […]

Everyone has a Florida Revocable Trust ! Billions and Billions of dollars are put into them. And family members, in-laws, outlaws, heirs and mis-fits all inherit from revocable trusts every day. So, what really is this estate planning tool or vehicle? For an authoritative, easy-to-understand, Plain English and FREE “one stop shop” on revocable trusts, CLICK HERE. To read more about Family Trusts, consider reading John Pankauski’s book, Pankauski’s Trustee’s Guide: 10 Steps to Family Trustee Excellence. Want more, including a recent revocable trust opinion and statutes? Keep reading. Understanding What Is a Florida Revocable Trust ? A revocable trust is often an important part of one’s Florida Estate Plan. Like a Last Will, it can leave money and property to select beneficiaries. It has been described as an instrument, an estate planning vehicle, a document. A revocable trust is all of that and more. Most wills today are POUR OVER WILLS which leave everything to a rev trust. The rev trust then distributes inheritances out. The creator of a trust is called the “grantor” or “settlor.” Typically, you are your own trustee when you create such a trust. When you are longer a trustee, you can appoint a successor in your trust document. Read About this 2020 Palm Beach Trust Case On August 5, 2020, the Palm Beach Appeals Court issued an important opinion. This appeals court is known as the 4th District Court of Appeal. They issued their opinion on Florida Revocable Trust in the case of Schlossberg […]

Is that amendment to that Florida revocable trust valid or not? If you’re a trust beneficiary, you may have been cut out or your inheritance may have been reduced if they trust was amended, modified or revoked. Was that trust amendment proper? If somebody revoked a trust, was that done properly? Maybe you’re a successor trustee and you’re saying, “I’ve got this trust amendment that changes who inherits and who the beneficiaries are…” is that proper? Well, to shed a little bit more light on revoking a Florida trust or modifying a Florida revocable trust, read the Kelly Case 223 So. 3d 1074, it’s the Second District Court of Appeal from 2017.

How to revoke a Florida revocable trust? You know, everybody in Florida has a revocable trust, also called living trust. And sometimes you’ll see amendments to those trusts or restatements. Are they valid and under what circumstances? And when did that amendment or restatement of the Florida trust take place? Well, there’s a statute right on point that tells us all about how to amend a revocable trust in Florida. It’s 736.0602 you can read it online for free. But remember, there’s a catch. The effective date of the Florida trust code is July 1st of 2007. Be careful about trust amendments and trust restatements prior to 2007 July 1st. You need to know what law to apply if you’re discussing the amendment of a revocable trust.

As stated in a 2017 Second DCA opinion, Kelly v. Lindenau, the testamentary aspects of a revocable trust in Florida are invalid “unless the trust document is executed by the settlor of the trust with the same formalities as are required from the execution of a will. In other words, in order for a Florida revocable trust to be valid, it must be executed with the same formalities as a Florida will. What are these requirements? Where can I learn more about what is required to create a valid Florida revocable trust? How can an estate planning lawyer help me to insure that the trust I have created is valid? If you are looking to create a Florida trust or will, you should read Florida Statute 732.502. This statute provides the formalities that are required for the proper execution of a will or revocable trust in Florida. For example, wills and trusts must be signed by two attesting witnesses. In Kelly v. Lindenau, the trust amendment in question was only signed by one witness. Was the trust amendment deemed valid by the Florida courts? To read the entire opinion, click here. To interview a trust lawyer, cal (561)514-090 ext. 101.

West Palm Beach estate lawyers and trust attorneys are noticing that trust litigation in Florida is booming! This is probably because people are using revocable trusts to hold family valuables, and dispose of them. Did you know that trusts can, and often do, operate DURING the trust creator’s lifetime? This means that a trust can operate when the trust creator is still alive, not just after the creator passes away. A trust can be created to insure that certain things of value, such as the ownership of an N.F.L. team, remain in the family even if the creator of the trust becomes incapacitated from Dementia or Alzheimers.

Many times, Pankauski Hauser gets calls from family members and beneficiaries outside of Florida regarding trust matters in Florida. Did you know that, in limited circumstances, you can change a Florida trust after the creator dies? This is sometimes known as trust modification or trust reformation. Palm Beach probate litigators frequently handle reformation cases in Florida probate courts. When can a trust be reformed? What if the trust is irrevocable? What can an Orlando or Palm Beach trust and estates lawyer tell me about trust modifications? To learn how to change the terms of a Florida trust, even when the trust says it is not changeable or irrevocable, read Florida Trust Code, section 736.0415. Also, contact an experienced West Palm Beach lawyer who actually handles trust reformation modifications, trials, and appeals.

What is required to properly execute a Florida will? What is Florida Statute 732.502? Do Florida wills and trusts need to be in writing? Do Florida wills and trusts need to be witnessed and signed? Does a Palm Beach will or trust need to be notarized? Florida Statute 732.502 lists the requirements that must be followed in order to properly execute a will in Florida. How is this relevant to a revocable trust?

Probate lawyers West Palm Beach know that nearly everyone is using revocable trusts or living trusts as part of their estate plans. Florida revocable trusts and living trusts are used not only to manage wealth and distribute inheritance when a person passes away, but also to manage a person’s funds and protect his or her assets while they are still alive.

Revocable Trust Pros & Cons & Trust Tax Implications The myths about trusts. Mistake: believing that trusts are simple and easy, that they save money, and they avoid probate. For years – even decades – people have incorporated a revocable trust as part of their estate plan. Revocable trusts – or living trusts – can be an important component, to safeguard and manage your property and money both during your life and after you’re gone. They can assist you if you’re incapacitated and unable to handle your business affairs, and they can handle managing the inheritances which you leave to your loved ones. But, revocable trusts are not, by themselves, the “be all, end all” of estate planning. They’re good. They’re important. But, they don’t necessarily avoid probate. While it’s true that a revocable trust is a “will substitute,” that, alone, doesn’t mean you’ll avoid a probate proceeding in the local probate court when you die. Yes, assets which are already in your revocable trust are “outside” of probate and automatically, by operation of law, descend to – or are held for – the trust beneficiaries, according to the trust document. But….there are a couple of things which your probate lawyer probably hasn’t told you. First, the assets in your revocable trust will be used to pay your debts, legal obligations, and expenses of administration. If you don’t have sufficient money in your probate estate, or assets which were in your individual name when you die, then your debts and […]