What Happens If You Forget to Fund Your Trust in Florida?
Creating a revocable living trust is only part of the estate planning process. If you forget to fund your trust by transferring your assets into it, those assets may still have to pass through probate after your death, even though you created the trust to help avoid that outcome.
How Does the Florida Probate Process Work? A Step-by-Step Overview
The Florida probate process is the legal procedure used to identify a deceased person's assets, pay outstanding debts, and distribute property to beneficiaries or heirs. Depending on the estate and whether it meets Florida's eligibility requirements, probate may proceed through either summary administration or formal administration.
If you have...
What Happens to a Revocable Trust When the Grantor Dies?
When the grantor of a revocable trust dies, the trust generally becomes irrevocable. Control passes to the successor trustee, who is responsible for managing the trust, paying valid debts and expenses when required, and distributing assets according to the trust's instructions. A properly funded revocable trust can also allow many assets to...
What Is a Pour-Over Will and How Does It Work With a Trust?
A pour-over will is a type of will designed to work alongside a revocable living trust. It directs any assets that remain outside your trust at death into the trust so they can be managed and distributed according to the trust's terms.
Many Florida estate plans include both a...
What Is a Testamentary Trust and How Does It Work in Florida?
A testamentary trust is a trust created through your will that takes effect after your death. In Florida, these trusts are commonly used to manage and distribute assets for beneficiaries who may not be ready or able to handle an inheritance on their own.
Unlike a living trust, a...
Can You Still Have a Springing Power of Attorney in Florida?
Florida generally does not allow new springing powers of attorney. For most powers of attorney signed after October 1, 2011, the document becomes effective immediately once it is executed, rather than only after incapacity. Many people still ask about springing powers of attorney because they want to maintain control over their finances...
Dynasty Trusts: Multigenerational Wealth Planning
A dynasty trust is a long-term trust designed to preserve and transfer wealth across multiple generations. These trusts can help families reduce transfer taxes, protect inherited assets from creditors, and create a structured plan for managing wealth over time.
For families with significant assets, a dynasty trust may provide...
Protecting Inheritance from a Child’s Divorce
When a child receives an inheritance, many parents worry about what could happen if that child later divorces. In Florida, inherited assets are generally considered separate property, but that protection can disappear if the inheritance is mixed with marital assets or handled improperly. Careful estate planning can help reduce the risk of...
How to Handle Out-of-State Assets in Your Florida Estate Plan
Owning property or accounts in multiple states can complicate your estate plan. To handle out-of-state assets effectively, you need to account for each state’s probate laws, consider strategies to avoid multiple court proceedings, and ensure your plan coordinates across jurisdictions.
When your estate includes assets outside Florida, failing to...
Breach of Trustee Fiduciary Duty
A trustee breaches their fiduciary duty when they fail to act in the best interests of the beneficiaries or violate the terms of the trust. This can include mismanaging assets, acting in self-interest, or failing to provide required information to beneficiaries. When this happens, you may have the right to take legal...