Dividing A Florida Estate Equally Among Surviving Children
While many parents wish to spread their estates equally among any adult children, this is often easier said than done. If one child earns more, it may be tempting to provide the other children with more money to protect their financial future. However, an unequal payout could lead to animosity between the surviving children.
Florida Wills And Avoiding Mistakes
Making common errors with wills can lead to a long probate process and can risk how and to whom the person’s assets will be distributed. When to write a will is not a matter of how old a person is. It is instead more relevant to what is happening in their lives.
Appointing a Trustee? Consider a professional.
A trustee is charged with protecting and investing trust assets and administering those assets per the terms of the trust agreement for the benefit of the trust’s beneficiaries. See Fla. Stat. 736.0801 et seq. While this sounds like a basic premise, there are some important functions which a trustee must do in their fiduciary role. […]
Considerations When Writing Wills
Some Florida residents have the misconception that writing a will is unnecessary unless they are wealthy. This is in most cases not true, and people may benefit from having one in place no matter the size of their estates. Having a valid will can ensure that the testator’s assets are distributed to the intended beneficiaries […]
Don’t Let Seemingly Complicated Estate Planning Prevent You From Making A Plan
Only 45 percent of Americans today have a will. So many Americans and folks in Florida lack estate planning because many people put off estate planning and because many people overcomplicate estate planning decisions to the point where a plan is not created. While estate planning can be complicated, it does not have to be. […]
Husband Improperly Transferred Millions to His Girlfriend Without Wife’s Knowledge
Wallace v. Torres Rodriguez, — So. 3d —, 2022 WL 1481782 (Fla. 3d DCA 2022) This recent case from the Third District Court of Appeal involved a husband, a wife, and the husband’s longtime girlfriend. In 2010, the wife, Patricia, asked her attorney to draft an irrevocable trust agreement for both her and the husband, […]
Can an Irrevocable Trust be Modified Under Florida Law?
The short answer to this question is yes. What is an irrevocable trust? It is a trust document that generally is not subject to revocation or modification, once executed and funded. There are exceptions which may permit the changing of the terms of an irrevocable trust. The Florida Trust Code, Chapter 736 of the Florida […]
Florida’s Elective Share Overview
In Florida, one cannot completely disinherit their spouse. The right to a surviving spouse’s estate is called the elective share, which is thirty percent (30%) of the decedent-spouse’s estate. Fla. Stat. 732.2065. Indeed, a decedent’s surviving spouse is entitled to four different rights which come into play in the absence of a valid prenuptial or […]
Unclaimed Property and Florida Probate
Unclaimed or abandoned property refers to financial assets which have not had contact with its owner, are unknown or lost, or have been left inactive or not generated any activity by its owner, or are otherwise somehow unclaimed or abandoned by its owner. Some common types of unclaimed property include bank accounts (both checking and […]
Termination of a Florida Trust
There are a handful of reasons why a Florida trust might be terminated. Often a trustee no longer wants to serve as a trustee or the beneficiaries no longer want a trust, but the trust may indeed terminate by its very terms. In other words, the trust may have an expiration date. Other reasons might […]