When it comes to administering a trust, the responsibility of making decisions regarding it falls on a fiduciary's shoulders if you're unable to render decisions yourself. Fiduciaries are oftentimes lawyers, financial planners, realtors, accountants or mortgage brokers. They're expected to administer your trust with the utmost degree of integrity and fiscal responsibility and in alignment with your wishes and not their own.
We hear, over the course of our lives, about how important it is to have a will in place to designate what we want to become of our assets once we pass on. Despite this, many people fail to draft one. The state has intestate succession laws in place for handling such situations.
Setting up a charitable trust gives Florida residents a way to give back to their community or support a worthy cause. A charitable trust allows the decedent to continue supporting his or her favorite charity in an organized manner. However, disputes may arise that threaten the charity's access to its financial gift and may even lead to trust litigation.
In this increasingly technological era, many people would probably assume that an individual recording his or her last will and testament by stepping in front of a webcam is legal. However, in Florida, it's not.
When you are getting your estate plan together, you need to make sure that your wishes are clearly stated. There are some instances in which the terms of the estate might be a bit difficult to understand. These would include things like confusing wills or conflicting information. Avoiding these and making sure that your heirs and beneficiaries know what to expect can make things easier when you do pass away.
Creating a trust is an important part of estate planning. A trust ensures that your property and other assets are properly left to the beneficiaries you name when you pass. In order to create a trust, you must be of sound mind. Here is a brief overview of trusts and mental capacity in Florida.
Many individuals of an advanced age, with heirs or significant assets, may have wills in place that state their wishes as it relates to which belongings they want their loved ones to inherit. At the same time, others may not. While Florida law generally outlines how the division of assets should be handled in the absence of a will being in place, there are a number of circumstances that may get in the way of settling an estate.
While there are many crimes that exist that seem to be targeted at one group or another, when it comes to seniors, they often are victimized by investment or securities fraud. Fraudsters engaging in this type of crime rely heavily on using their smooth talking ways to convince seniors that they're making wise investment choices in working with them.
Charitable trusts are most commonly used by donors who wish to set aside some of their assets for allocation or use by one or more nonprofit organizations. Charitable trusts are most easily divided into two different categories: a charitable lead trust (CLT) or charitable remainder trust (CRT).
When an individual passes, as part of managing the decedent's estate, not only do all of that person's assets have to be gathered together, but any outstanding debts, tax filings, and distributions of money or property have to be handled as well. The individual most often called upon to handle such affairs and uphold certain fiduciary duties is a personal representative or executor of the estate.