Search Results: revocable trust

Many Florida residents, or Florida citizens, create a revocable trust, also called a Florida living trust as a part of their estate plan. This is a trust which you create and control, which will manage the assets which you place in the trust during your lifetime and which will also dispose of your wealth upon your death. Typically, a person who creates a revocable trust will also serve as the trust’s sole trustee during life and as long as you are still able to serve in that role. You may or may not have co-trustees who serve along with you as trustee. When you no longer are able or willing to serve as trustee of your Florida revocable trust, successor trustees will take over for you.

Today, it seems that every Florida estate planning attorney offers the services of creating trusts for clients. Indeed, the revocable trust, also called a living trust, or a revocable living trust, seems to have almost taken the place of a Florida will. Why? Well, most wills which are written by attorneys now are so called “pour over” wills, where the assets or property are “poured over,” or given to, the trustee of their revocable trust. At death or incapacity, the “revocable” trust becomes irrevocable. Yes, the living trust is now the “main” dispositive vehicle to give away inheritances, and otherwise dispose of your wealth and property to chosen beneficiaries at your passing. It functions just like a will, but it is generally not filed in the court system like a will is. But there is often a Notice of Trust which is filed in the court system and a similar notice which the trustee is required to send to all trust beneficiaries. The trust document can be private, unless there is trust litigation going on. Since revocable trust have become so popular, as you might imagine, probate litigation attorneys in Florida must be versed in matters regarding trusts. This requires knowing how to assist and defend trustees from potential and existing liability. Do you, as a trustee, know how to comply with Florida law and your duty to your beneficiaries? Are you doing what Florida trust law requires you to do, or, rather, are you handling the trust like you […]

Before you ask yourself if you should, the first question to ask is if you can. The only reason for one to have an irrevocable life insurance trust in Florida is if they are insured by one or more life insurance policies. Your local Deer Field Beach Wills and Trusts lawyer can tell you, the Florida Irrevocable Trust works the same as most other trusts.  It is a contract is between the trust creator (“grantor”) and a trustee to administer the property, or in this case, Florida insurance contract for the benefit of some named beneficiaries.

The revocable, or “living,” trust in Florida is often promoted as a means of avoiding probate and saving taxes at death. It is governed by Chapter 736 of the Florida Trust Code (Florida Statutes). As any Florida Probate litigation attorney West Palm Beach will tell you, the revocable trust in Florida has certain advantages over a traditional will. However, there are many factors to consider before you decide if a revocable trust is best suited to your overall estate plan:

Can you change an IRREVOCABLE Florida Trust?  You may wish to watch a short, free online Florida Trust video if you are a trustee or beneficiary of a trust. Here’s the free Palm Beach trust video: http://www.youtube.com/watch?v=RcB5s51sfGI&feature=youtu.be

In a very recent Michigan trust case, one brother sued brother as a trustee over #trust money.

When do you know if you need a Palm Beach Trust Attorney? And when should you have one who handles trust litigation? If you need someone who does more than “writes trusts“, read on. The key to your trust matter may just be selecting the “right” “firepower.” (If you believe that you need a trust litigator, you can read (FREE) more about what you may be looking for by CLICKING HERE.) Trust Lawyering So, to be clear, there are some really, really good Florida trust lawyers who write trusts. They do estate planning. They draft wills, powers of attorney, health care documents like health care proxies, and surrogates. And Living Wills. That’s NOT what we are talking about here. If you need a revocable trust, or a living trust, you need an estate planning lawyer. You don’t need a litigator who is in the “trenches” of lawsuits and litigation. If you have a trust issue, dispute, lawsuit or challenge, read on. Palm Beach Trust Attorney — understanding the trust” holy trinity” The type of Palm Beach Trust Attorney that you may need should be one who has the “firepower“. The experience in courts, trying cases. Handling Trust Appeals. SERIOUS trial experience. You need someone who not only understands the Florida Trust Code, Chapter 736. But also the Evidence Code, Chapter 90. And the Florida Rules of Civil Procedure. Why? Because if you are involved in a trust dispute over an accounting, an inheritance or a revocable trust, you may need […]

What’s the importance of trust protectors in Florida when many Floridians already have an estate plan? They have a POA, a living will, a will and a revocable trust. Where does a Trust Protector fit in? Understanding Basic Florida Estate Planning Documents Let’s start with a basic Florida estate plan: Trust Protectors Florida A trust protector is the creature of “hard thinking” trust lawyers. There’s no one definition for a trust protector. In the Florida Trust Code, the word “trust protector” is only used once. And not even defined. And, candidly, lawyers who “write” trusts have different takes on trust protectors and what they do or should do. Here’s a broad overview:

Who gets to see the books? And who has legal standing in a trust matter to get a Florida trust accounting? The answers may surprise you. Who gets a Florida trust accounting? Just as “not everyone” can participate in a Florida probate, you have to be connected to participate in a trust. (To read more about the probate process, click here.) What?… Who gets a Florida trust accounting is limited to qualified beneficiaries. What’s a qualified beneficiary? Well, think of it as one who can get trust money right now, or who may get it when another beneficiary’s interest ceases. (Like, for example, if your mom or dad die, you might inherit their share of the trust. You don’t get money now, but you will get it in the future if there’s any trust money left. You and mom or dad in this example are qualified beneficiaries. And entitled to an accounting each year). A qualified beneficiary is defined in the Florida Trust Code at 736.0103(19). Want to learn more? Read this…. Read Florida Trust Code Chapter 736. It will tell you all about Trust Law in Florida and explain beneficiary rights and trustee obligations or duties. For more information about legal standing in a trust contest, read the Cruz case. This 5th District Court of Appeal opinion dealt with adult children who challenged their father’s revocable trust. This case also dealt with a limitations notice. (To learn about standing in a Florida probate, you can read this for free […]

Many Floridians are leaving your inheritance in a revocable trust. Here are some steps to help you find a Palm Beach Trust lawyer. You should first consider whether you even need one at all. Why and when? Why do you need a Palm Beach trust lawyer? The truth is that you may not. Confident and experienced trial lawyers will tell you this. Not to be coy or play hard to get. It’s because they have the business and law practice to be upfront with potential clients. And, most will tell you that if you can avoid litigation, you should save a lot of money, time and angst. If you are inheriting from a trust, ask yourself: do you trust your trustee? If your trustee is responsible, attentive and responsive, you probably don’t need a lawyer. However, if you need to understand your rights, or file a trust contest or objection, consider whether you can afford the time and patience needed. After all, trust litigation takes time, is costly, and some people find it anxiety-ridden. Sometimes, people have different interpretations over a trust or want to void a trust amendment. (To read the Florida Trust Code, click here.) Yes, many trust beneficiaries want some so called “fire power”. A pitbull on their side who can explain and advocate for them. But try working things out with your trustee first. She is supposed to give you information about your trust and inheritance. Communicate. Be reasonable. Try to avoid the time and expense […]