In this article, you can discover… The role and benefits of a trust protector. The difference between a trust protector and a trustee. When to appoint or remove a trust protector. What Is A Trust Protector? A trust protector is named within the trust or is appointed by the court. They exercise certain powers over the trust and are given special legal oversight. The trust protector, however, is limited by what the terms of the trust allow them to do and can only make certain changes as needed. How Does A Trust Protector Differ From A Trustee In Florida? Both a trustee and a trust protector have a fiduciary duty to the beneficiaries. Both have certain important legal responsibilities. However, the trust protector differs in that they are not the initial person named to oversee the trust. Rather, they are appointed (often under court supervision by the courts) to take a second look at the trust and make minor changes as needed. For example, the trust protector might fix a mistake or make adjustments in light of changing tax laws. What Are The Benefits Of Appointing A Trust Protector For…Read More
In this article, you can discover: How notifying creditors is a crucial step in estate administration. The role of the probate court in overseeing creditor notifications. The process of settling debts and the limitations on creditors in probate cases. What Is The Purpose Of Notifying Creditors During The Probate Process? Navigating the probate process can be a complex journey, especially when it comes to dealing with creditors. The law mandates that we notify creditors during this process. This notification serves a dual purpose: it informs creditors of the decedent's passing and sets a clear deadline for them to file any claims. This step is crucial for properly administering the estate, as it includes settling any outstanding debts. Who Is Required To Notify Creditors Of The Death? The responsibility of notifying creditors falls on the shoulders of the personal representative. Their task is to identify the decedent's known and ascertainable creditors and, with the assistance of their attorney, ensure that these creditors receive the required notices. This role is vital in ensuring the smooth progression of the probate process. What Is The Typical Procedure For Notifying Potential Creditors Of A Deceased…Read More
In this article, you can discover: Why nominating guardians is essential for children with special needs. How to address long-term needs in your estate planning. The importance of clear documentation to prevent confusion and conflict. What Estate Planning Documents Are Necessary To Set Up A Guardian For A Child With Special Needs? If you're a parent of a child with special needs, it's crucial to have a solid estate plan in place. Here are some essential estate planning documents you may need: Will: In your will, you can specify your wishes regarding instructions for how you want your assets to be distributed for the care of your child. Special Needs Trust (SNT): A special needs trust allows you to set aside funds for the benefit of your child without jeopardizing their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI). Letter of Intent: While not a legal document, a letter of intent provides important information about your child's needs, routines, preferences, and other details that can help the guardian understand and care for them effectively. Advance Healthcare Directive: This document outlines your wishes for medical care in case…Read More
In this article, you can discover: The critical role of notifying creditors in the probate process. How the personal representative ensures the estate's smooth administration. The importance of adhering to legal requirements for creditor notifications. What Important Steps Should I Take When A Parent Or Other Family Member Dies? When a loved one passes away, it's a time of grief and confusion. In addition to funeral planning, there are several essential steps you need to take. First, check if they had any pre-arranged funeral or burial plans. This can ease some of the burden during this difficult time. Next, ensure a legal pronouncement of death is obtained, typically a death certificate, usually arranged by the funeral home. It's also important to notify close friends and family, secure any property and personal items, and inform their employer of the sad news. These are important steps in the early stages following the loss of a loved one. Can Funeral Expenses Be Included In Your Estate Plan? Planning for funeral expenses is a personal choice. It's a thoughtful decision that can provide clear guidance for your loved ones during a difficult time. By…Read More
Do you own real estate? Is it your home? A vacation home? Or rental property? It’s important to pay special attention to how you own your real estate. Here we take a look at the different types of real estate and information about the best form of ownership. This is important when you’re thinking about estate planning and asset protection. Your Home Because your primary residence (your homestead) receives special tax treatment, be very careful with how you own your home. In states like Florida, tenancy by the entirety offers married couples creditor protection. This protection is from the creditors of one of the spouses while still preserving relevant tax benefits. It also allows automatic transfer of ownership to the surviving spouse upon the death of the first spouse without court involvement. Transferring ownership of the primary residence to a joint revocable trust may also be an option if you live in a state that allows the tenancy of the entirety protection to transfer to the joint revocable trust. Ownership by the trust also means that the real estate will pass through the trust document instead of the probate process.…Read More
Where there is a Will, there is not always an estate plan. A Will is a good start, but you need more. First, a Will allows you to do the following: Direct who inherits your property after your death Nominate an executor (personal representative) to administer your estate Nominate legal guardians for your minor children Second, a Will does not complete your estate planning For example, a Will is limited to what happens upon your death. What if you get very sick or become incapacitated? A Will is not going to allow your family or other trusted people to help you manage your finances, legal matters or your health care. At the very least, a proper estate plan should also include the following: 1. A way for someone you trust to manage your finances and legal affairs if you can’t during your lifetime With a Durable Power of Attorney, you can name someone that you know and trust to manage your legal and financial affairs. Click here to watch a short video about a Durable Power of Attorney. 2. A way for someone you trust to manage your health care…Read More
A Living Will Details The Health Care That You Want If You End Up On Life Support A living will, also called a health care directive, gives you the power to take control over what medical treatment you do or don’t want administered, in the event that you become unconscious or incapacitated. To learn more about health care directives, watch this short video. A Living Trust (also known as a revocable living trust) is created during an individual’s lifetime where a designated person, the trustee, is given responsibility for managing that individual’s assets for the benefit of the eventual beneficiary. A trust is a legal document that you create during your lifetime. Just like a will, a trust spells out your wishes with regard to your assets, your dependents, and your heirs. A trust can bypass the costly and time-consuming process of probate. This lets your successor trustee (who fills basically the same role as an executor of a will) to carry out your instructions as documented in your trust at your death. Your successor trustee also steps in if you’re unable to manage your financial, healthcare, and legal affairs…Read More
When it comes to COVID-19, there is so much that feels beyond our control. With estate planning (wills or trusts and more), there are things that you CAN control. Here is a list of things you can do (from an estate planning perspective) that may help you feel a little more in control: #1 During this COVID-19 crisis, who are your emergency health care decision makers? Talk to your loved ones about your wishes regarding your medical care. First, who would you want to step up to advocate for you during a health care crisis? The two parts of Health Care Directives are the Designation of Health Care Surrogate and Living Will. With the Designation of Health Care Surrogate, you nominate someone you trust to make health care decisions for you in the event that you are unable to communicate those decisions yourself. With a Living Will, you can include directions regarding end of life decisions, as well as other decisions about your care and treatment. #2 Look for your HIPAA Authorization. Your Health Care Directives should also include a HIPAA Authorization. HIPAA Authorization language follows the requirements Health Insurance…Read More
Do You Need A Will (Last Will And Testament) Or Revocable Living Trust? How Do You Choose? Are you interested in a will or revocable living trust? Wills and trusts are useful estate planning tools. They serve different purposes and can even work really well together. First, let’s go over key differences between wills and trusts. Will Characteristics: A will goes into effect only after you die. It only covers property that is in your name at your death. A will passes through a court process called Probate. The Probate court oversees the will’s administration and ensures the will is valid and that the property gets distributed the way the deceased wanted. Because a will passes through Probate, it’s a public record. A will lets you name a guardian for your minor children. There Is A Good Chance That If You Care About How Beneficiaries Use What You’re Leaving Them Or Want Someone Else To Manage It, You’re Going To Need Some Type Of Trust The two main types of trusts are testamentary trusts and revocable living trusts. One type of trust is inside your will and the other type…Read More
Do You Have A Revocable Living Trust? Will Your Family Have To Go To Court And Lose Their Valuable Privacy? Whether You Own A Little Or A Lot, You Need To Be Careful With Your Revocable Living Trust Do you have a revocable living trust as part of your estate planning? A solid estate plan can mean the difference between an expensive time in court or a smooth transfer of property for your family. When a high-profile celebrity passes away, we can learn a lot about the value of careful planning. Let’s take a look at what trust funding is and why it’s important. This Failed Estate Plan Is An Excellent Example Of Why You Need Properly Transfer Property To Your Revocable Living Trust In our opinion, Carrie Fisher’s plan failed, because it didn’t keep her assets out of court and they didn’t pass privately to her daughter. While Carrie Fisher had a revocable living trust, she didn’t transfer all of her assets to her trust. That is why her Trustee had to file a petition in probate court seeking to have her assets transferred into her trust. This actually…Read More
