A person who is creating an estate plan might put some of their assets in trusts. These are meant to easily distribute the assets when the person passes away. Normally, this can happen without any issue but there are times when the trusts might come under fire.
When you draft a will, as part of the process, you'll be asked to write instructions for how you wish for your property to be divided up after you've died. It's then the role of the executor of your estate to distribute your assets in accordance with your wishes.
People who have spent decades building up their personal wealth will sometimes put it in a trust when they pass away, opting to leave it to a charity.
Trusts, especially living trusts, often include property beyond personal effects, such as real estate or investments. If the creator of the trust did not own the asset outright, a mortgage may remain in their name and the loan must be serviced by the administrator or beneficiary of the trust.
Trust litigation can be a complicated area of law, and Florida maintains a variety of codes that regulate how trusts are formed and modified in a court of law. Much of this aspect of law deals with who is entitled to a trust in total or assets and value contained in one.
You've likely heard of a case along these lines before. A wealthy individual dies. When their will is filed with the probate court, it's uncovered that all of the decedent's assets are unexpectedly earmarked not to those who were expected heirs, but instead someone else.
When many individuals think about wills, what first comes to many of their minds is the idea of passing on their property to another person when they die. Few consider that living wills help establish guidelines for how medical decisions should be made in the event an individual becomes incapacitated and unable to do so oneself.
Many people let others know the contents of their estate plan before they die. This gives you an idea of what you should expect. While this is usually how things happen, there is a chance that something in the estate plan is going to be different from what you expected it to be. These instances might ultimately result in a challenge or contest being filed with the probate court.
Charitable trusts are a great way to contribute to a charity you are passionate about. With a charitable trust, you have the flexibility to control how you want your contributions donated. You can also give to more than one charity or beneficiary.
People who create estate plans might include trusts in those plans. There are some instances in which some of the points of the trust make it difficult for the beneficiaries to get what is due to them. This is sometimes done purposefully to ensure the beneficiary stays on a positive life track. In other cases, such as when a charity is supposed to reap the benefits of the trust, these difficulties can have a negative impact.