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.
Most parents hope when they pass away, their children will all remain devoted to one another. Unfortunately, that is not always the case, especially not when there is an inheritance involved.
There are many wealthy residents in Melbourne, Florida. Some are attracted by resort-quality living, and others by a booming business climate. All of them have money and property to leave to others in their wills. However, sometimes when those wills are read, they are not as they were expected to be, which is why potential beneficiaries should be prepared for the range of possibilities.
Three stockbrokers in Florida were indicted last week for an alleged investment fraud scheme. The indictment came down from a grand jury in Miami. The charges claim that over 150 investors were swindled out of approximately $15 million.
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.