Living trusts are an important tool in the estate planning toolbox. This term refers to a number of different estate planning products, each with their own purpose and advantages. It is important for individuals who think they may benefit from a living trust to learn exactly which type of living trust might serve their particular needs.
If you serve as a trustee to a trust, there are many reasons why you may wish to resign from your duties at some point. While this is certainly possible, it is similar to a minor divorce in some ways — legally allowed, but only by following certain state-specific procedures. For trustees in Florida, the process is relatively simple, but not always easy.
Florida famously hosts many retirees as they enter their golden years and move South to retire in style. However, many retiring or relocating individuals may worry that moving to Florida from some other state may adversely affect their existing estate plans in some way, specifically trusts created in another state. After all, trusts are state-specific documents.
If you have significant assets and wish to protect them from the probate process, then you have probably considered using some form of trust to accomplish this goal. As any estate planning attorney can tell you, employing a trust has many attractive benefits, but those benefits may never be realized if you do not do your part as the creator of the trust to fund it properly.
Many people find, as they accumulate a significant estate, that they become more and more interested in exploring their options for including charitable giving in their estate plan. One of the most versatile and useful forms of charitable giving in estate planning is funding a charitable trust with some of your assets. While the specifics will vary according to your circumstances and desires for the trust, charitable trusts are not only a great way to leave your impact on a cause you care for, they also provide some excellent tax advantages.
If you've spent any time at all researching estate planning, you have come across the concept of trusts. Trusts are one of the cornerstones of modern estate planning, and there are many kinds of trust that may be used depending on your circumstances and the goals you hope to achieve.
When it comes to creating a living trust, there is no "magic" that makes it work correctly or imbues it with legal authority. If it's so simple, why should you need a lawyer to help you create it at all? Can't you just find the requirements and create one yourself?
Living trusts have become an important component of east planning over the last several decades, but their popularity often overshadows their usefulness. If you are considering setting up a living trust, take a moment to consider whether it is truly the best estate planning tool for your particular needs.
When creating a trust, appointing a capable and reliable trustee to manage the underlying assets is one of the most important steps in the process. However, expectations often do not reflect real-world performance on the part of a trustee. In many cases, it becomes necessary to remove a trustee. This can be a difficult process, because the court will need to see clear justification for altering the terms of the trust, and will have to be petitioned by either the creator of the trust or the beneficiaries for the there trustee's removal.
Living trusts are a very popular tool used by many people to help preserve their assets and avoid probate, and this is well known. But what exactly is a living trust, and how does help an individual avoid probate?