Your estate plan is not something you can create, dot the I's and cross the T's, then put it in a drawer and forget about. In fact, trusts and estate plans should be reviewed every several years -- or preferably on an annual basis -- to ensure that they perfectly reflect the wishes and needs of the people they affect.
As a not-for-profit business or charitable organization, you depend largely on the generosity of donors. Donations can take many forms. Some people like to give monthly gifts, while others will give a lump sum in December to help with their tax liability. Still others choose to leave behind a portion of their assets in their last will to charities that they support.
If you think about those who are closest to you, then you can probably easily identify those who are more opinionated than others. While having people like this around may be helpful in making certain decisions, any help they provide you with in selecting the executor or beneficiaries of your estate can hurt you, making it take longer to settle your estate.
As part of your estate planning, you may have a desire to help both your family and to give to a charity with a mission that's near and dear to your heart at the same time. If this is something that you have plans of doing, then you may want to consider setting up a split-interest trust. There are two different types of these.
'Caveat emptor' is an ancient Latin phrase that when used in a legal context, essentially means "let the buyer beware." This refers to the problem that frequently happens when an owner of a piece of property sells it to someone else. Invariably, the owner has a great deal more information about the property than the buyer.
There are countless Florida residents who have yet to finalize their estate plans. These individuals may have a variety of excuses for the delay. These excuses might even seem viable to them, but if they fail to complete their estate planning before they die, eventually there will come a moment when it's too late to get this task completed. For that reason, estate planning is best done now, rather than later.
Trusts are an excellent way of keeping our families and other interests safe when we are no longer able to manage our affairs. Florida lawyers and courts often rule on the best ways to create and preserve assets for offspring and benevolent causes.
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.