Search Results: revocable trust

You probably have heard about a Florida revocable trust, sometimes called a Florida living trust. There’s pros and cons, and myths and realities. The pros are that everyone’s using them, they are effective, they’re relatively inexpensive, and if you take your time drafting it with your trust lawyer, they can be easily understood. What are the myths or the disadvantages of it? You don’t necessarily avoid probate in every instance. Two, you may be creating a trust after you’ve died, and you need to understand how your wealth is tied up and what beneficiaries may be interacting with each other. Is it the answer to everyone’s estate plan? No, but it’s a great and integral part.

How to change the terms of a Florida irrevocable trust when the terms of the trust say you can’t change it, generally you can’t. If a trust is irrevocable, you can’t change it. That’s what it means. However, the Florida Trust Code, over the past ten years, has provided opportunities for a trust beneficiary or trustee, or even a Florida Trust Court, to change a trust even when the trust says you can’t change it, it’s irrevocable. You need to know about modification and reformation of a trust if you are interested in changing the trust’s terms.

If you’re owed money by somebody in Florida who’s passed away you’re a creditor and you have to file a statement of claim in the estate, but the estate may not be opened up. Also, you may be able to get paid from the person’s revocable trust also called a Florida Living Trust or Florida Revocable Living Trust. Why is that? The very nature of a Florida revocable trust says, “Hey I’ve got my assets I’m giving it to my beneficiaries but trustee pay my debts, pay my expenses.” A person’s credit card bills, funeral expenses, last expenses that were incurred before they died, that gets paid for from the revocable trust. One, you need to know that, two, you need to know who the trustee is and three, you need to know how to get paid in Florida.

Challenging a Florida revocable trust is just like challenging most trusts, with one exception. If you’re attacking or contesting the Florida revocable trust, during the lifetime of the person who created the trust, be careful. You generally can’t do that. Caution is required if the person who created that Florida trust is the subject matter of a guardianship. Be very, very careful about that unique issue. But contesting a Florida revocable trust after the death of the person who created it may be permitted. You just need to know how to do it.

Many Florida residents have revocable trusts, they are also sometimes called “Florida Living Trusts” or “Florida Revocable Living Trust,” they are the same thing. They work very closely with an estate. Typically, the most typical Florida estate plan, is you have a will that leaves everything to the trustee of the trust. The trustee administers those assets according to the trust document. That document does not need to be filed with the probate court although the will does. The revocable trust and the will work hand in hand.

In Florida, many people, many Florida residents, have revocable trusts that become irrevocable when the creator of the trust dies. So if you’re the beneficiary of mom or dad’s revocable trust, you’re a beneficiary. You’re going to inherit. But not so fast. Be careful. Pay very close attention to the way your mom or dad’s estate is administered as well as their trust. Why? You inherit last. Uncle Sam gets paid the first, your mom or dad’s funeral expenses get paid, their credit card bills, their pool maintenance fees. All of their expenses get paid before you see a dime of your inheritance. Oh, and by the way, you know all those probate lawyers that are administering the estate and handling the trust? Yeah, they get paid before you do. That’s why you need to know what your rights are as a beneficiary of a Florida revocable trust.

Can you object to a Florida revocable trust while the trust creator is alive? Or, you could ask the question a different way:  in Florida trust litigation, when can you file a trust contest or trust challenge about a revocable trust or living trust?  Must you wait until the creator of the trust dies, or can you attack a living trust or an amendment during the creator’s life? 

Are you establishing a revocable trust in West Palm Beach? Did you know  that you are not simply limited to the Florida Trust Code’s default rules, you can add specific duties to your trustee. Make sure to speak to a Florida trust lawyer today about Florida probate litigation. Can you add a restrictive covenant that prohibits them from divulging certain information? A Non-Disclosure Agreement (“NDA”) may be a perfect and appropriate addition to your West Palm Beach trust learn more today.

Let’s say that you are the beneficiary of your mother’s revocable trust in Florida.  And, just like the Tom Cruise character in “A Few Good Men”, you are saying “I want the truth !” about your mom’s revocable trust,and why your sister, who you don’t get along with, is the successor trustee.  Consider this Florida trust commentary the “straight talk express” for you trust beneficiaries out there who have a problem with your sister being trustee. Ok, let’s just say it: you hate your sisterand hate the idea that she is your trustee. You HATE the idea that mom left you an inheritance in trust and that you have to ask your sister for money.  How cruel !  Imagine !   You want answers and you want to be in control.  But you’re not.  Maybe you have contacted a Palm Beach trust litigation lawsuit firm to answer your questions, but they don’t have any answers.  Well here is some pointed commentary & perspective for trust beneficiaries who don’t get along with their sister who is the successor trustee of mom’s living trust.

All too often people here irrevocable trust and they think things are set in  stone. After reading this blog though you will not be one of them. You may have heard your West Palm Beach probate attorney discussing the idea of decanting a family trust. Do you know what that means?