When a loved one passes away and decides to leave some of their assets in a trust, the trust then governs what happens with that money. This goes beyond merely what is written in the will.
The way that the trust administration process plays out depends on the specific stipulations in that trust, the goals of the original creator of the document and what type of trust it is. Everyone who sets up a trust should have considered all of their options to determine exactly what fits best with their family, their needs and their plans for the future.
Your parents left you an educational trust so that you would never have to worry about tuition costs. However, you have quickly learned that life comes with a lot of other costs, and you're wondering if you can use the trust for anything else. It's not as if you want to spend it all on a vacation or a new car. These are very real life expenses that you feel your parents would have approved of.
Choosing the right trustee is one of the most important parts of developing an estate plan. A trust helps you protect yourself, your assets and your loved ones once you are gone. If you don't choose someone who is responsible enough to handle the trust, then you could be in a lot of trouble. Let's take a look at how to choose the right trustee to administer the trust for you upon your death or incapacitation.
It's a smart idea in life to have a living trust. It's an even smarter idea to review that living trust every so often. How often should you review the contents of your trust? This is an interesting question that brings with it a four-part answer. There are four very important things that happen in life that should force you to review your living trust.
If you are asked to be a trustee for someone in your life in Fort Myers, Florida, then you likely want to know what it is you are responsible for. There are quite a few responsibilities you will need to handle when you accept this role for someone close to you in life. We will take a look at the responsibilities of a trustee in today's post so you know what to expect.
One of the most difficult times in life is deciding when a senior citizen should move from one's dream retirement community in Florida to an assisted living facility. Many seniors will need to make this decision themselves, while others will have help from their spouses or adult children. Some seniors will reluctantly need to move to a facility due to the decline in their health.
Assigning someone you trust to serve as your trustee is a difficult task, and one that you may easily underestimate. Before simply naming a friend or associate as your trustee, be sure that you understand which qualities a good trustee must possess, in order to keep your affairs in order and make sure that you do not invite necessary risk into your estate plan.
When creating a trust, it is important to carefully consider who serves as the trustee. As your estate and the trust's contents grow more complex, the duties of the trustee grow in significance as well, as may the temptation to misuse the authority granted to trustees. To combat this potential temptation, and to spread around the duties associated with serving as a trustee, some people choose to name more than one trustee. This comes with its own set of benefits and potential complications.
For those building an estate plan, the sheer number of options available can seem overwhelming. Estate planning is a very complex field, with numerous financial products and tools to consider.