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 […]
New Changes To Florida’s Uniform Transfers To Minors Act
The Uniform Transfers to Minors Act allows for a parent or other adult to create a custodial account for gifts, bequests, and other transfers of assets to a minor. In addition to money, a UTMA account can hold other types of assets for the minor, including real estate, royalties, fine art, and patents. The account […]
No Contest Clauses are Unenforceable in Florida
Sometimes testators include no contest clauses in their estate planning documents, thinking that these will help ensure their wishes will be honored after their death. No contest clauses, or “in terrorem clauses”, basically serve as a deterrent to a beneficiary of a will or trust, who might otherwise seek to challenge the terms of the […]
Void or Lapsed Devises
What To Do With Old Wills Updating your estate plan every few years, and particularly after a big life event (such as death, divorce, having a child, etc.), is most often an estate planner’s recommendation. That being said, people do not always follow those recommendations. Sometimes wills which are 10 or more years old are […]
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 […]
Modifying or Reforming an Irrevocable Trust?
The question of whether an irrevocable trust can be changed, amended, reformed or modified is one with an almost-surprising answer. Can this happen? Yes, it can. Pursuant to Florida’s Trust Code, Chapter 736 of the Florida Statutes, an irrevocable trust can be modified if the modification or change is consistent with the intent of the […]
Morrow v. Morrow, 354 So. 2d 642 (Fla. 3d DCA Feb. 8, 2023)
The recent Third District Court of Appeal reviewed the requirements for a valid will under Fla. Stat. 732.502 and found the handwritten will which was at issue, in this case, to be valid. In this case, both on a confession of error and based on the court’s independent review, the appellate court found that the […]
Irrevocable Life Insurance Trusts Can Help With Taxes In Florida
When planning an estate it is best to have an overall financial plan that takes into account the consequences of tax law, especially estate taxation rules and regulations. There are many ways for Florida individuals to help their heirs maximize family inheritances, an important consideration in light of estate tax laws. One popular method is […]
Trust Termination Attorney in Tequesta: Ending Irrevocable or Revocable Trusts Legally
Trusts play a vital role in estate planning, asset protection, and wealth management, but circumstances sometimes change. When a trust no longer serves its intended purpose—or when its administration leads to disputes—it may be necessary to terminate it through proper legal channels. In Tequesta, a qualified trust termination attorney can guide trustees, beneficiaries, and fiduciaries […]
QTIP Trusts Can Help Those Who Are On Second Or Third Marriage
Marriage can make some issues more complicated. This can be even truer for financial issues such as estate planning. However, remarrying can make estate planning even more complicated, especially if there are children from a first marriage that a parent wants to protect in the event of his or her death. Luckily, there are special […]