Florida Trust Administration
What is probate, and when is it necessary?
End of life planning is a challenging topic for anyone going through it. However, it is necessary for both the individual reaching that stage if they want to protect their assets and make their wishes known. This planning involves making decisions about what to do...
The Intersection of 529 Plans and Trust Law…Do They Collide or Work in Tandem?
The Intersection of 529 Plans and Trust Law… Do They Collide or Work in Tandem? In the recent Iowa case of Alberhasky v. Alberhasky, a trustee changed the beneficiary of a 529 Plan which was created with funds from a trust. The primary issue was whether the trustee...
Co-personal representatives or co-trustees.. Good idea?
Most of my clients are very sensitive to their children’s feelings and want to treat all of them equally. While that may be a great idea as to the distributions under a trust or a will (or it may not depending on the circumstances), the idea of joint trustees or...
Decanting…It Isn’t Just About Wine…
Some of you may have heard of decanting in the wine world. Apparently, sediment from the fermentation process can produce an undesirable taste in wine. The wine is decanted to separate the wine from these sediments. In the trust world, a trust can be “decanted” from...
A New Will and Revoking Your Old Trust… The Devil is in the Details!
Many individuals have created revocable trusts that no longer meet their needs or they do not want a trust. They do not care about “avoiding” probate and some actually want court supervision! What happens if an old revocable trust is not properly revoked or, having...
What’s New in 2015?
In the 2015 session, the Florida legislature passed some very important bills applicable to guardianships, health care surrogates, minors, estate planning and probate. Here are a few of those with links to the actual bills: 1. HB 5, which has been signed by the...
So…Will You Be My Trustee? Do You Want That Responsibility?
Many times trustees come to my office for guidance as to trustee duties. Most times the person appointing them as trustee has died. Sometimes, but not always, the trustee had no idea they were appointed!. Do (or should) they act as trustee? There is a misconception...
Can You Reform an Invalidly Executed Trust?
What happens when a trust is not executed properly? Can the trust be reformed after the grantor’s death? In some cases, yes. However, in Kelly, et. al. v. Lindenau, the answer was not favorable. Ralph created a an Illinois trust in December 2006, properly executed...
Can You Terminate An Irrevocable Trust?
While an irrevocable trust technically means that it can not be revoked, changed or terminated prior to the terms of the trust, many changes and additions to the trust code permit a change or termination of an irrevocable trust under certain circumstances. As many...
Are You A Beneficiary of a Trust? What You Need to Know…
Some of you may be in the fortunate position of benefiting from a trust that either a relative or close friend has established for you. Being a beneficiary of a trust is usually a good thing IF you are receiving the assets to which you are entitled. How do you know to...