Probating Wills and How They Work with Trusts in Florida
Are you the beneficiary of an estate? Well, it’s easier to say than done sometimes. Many times beneficiaries and family members of a Florida probate don’t understand how a revocable or a living trust works with the will.
Two of the things that you need to keep in mind is that you can have an estate as well as a trust and they are two separate entities, almost like two separate corporations. You have a will that’s probated in the estate proceeding and that can leave usually personal property to beneficiaries, and they will dispose of any property that’s in the descendant’s individual name.
Many times there is a pour-over will that leaves everything to the trustee of the descendants, revocable or living trust which is now irrevocable, because the descendant has passed away and that trust has terms leaving the assets to certain beneficiaries.
This trust has a trustee, has a trust document, that’s different than the Estate, which has a will document and has a personal representative, what other states call ‘an executor’ or an ‘administrator’.
Understanding the difference between a trust, and a will, and an estate, and then a trust and a trustee and a personal representative will help you, family members, and beneficiaries and surviving spouses better understand your rights and how to get your inheritance.