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.
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.