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Trust Administration Archives

Advantages of a Totten trust

All Florida adults should consider making an estate plan, and for some, a Totten trust may be a good solution. A Totten trust is especially useful if someone wants privacy in their financial planning. With a Totten trust, a bank account is set up on behalf of a beneficiary that the owner deposits money into. At any time, the account can be closed or the owner can withdraw money from it. The beneficiary does not have to know about the existence of the account.

Florida revocable living trusts

While people may have heard of a revocable living trust, they may not be exactly certain of what the term means or how such a trust functions. Trusts may generally be divided into two broad categories, including revocable living trusts and irrevocable trusts.

Spendthrift provisions and exceptions in Florida trusts

Florida recognizes the validity of spendthrift provisions in trusts created for the purpose of benefiting an intended beneficiary. Normally, a beneficiary who is subject to a spendthrift provision is one that is unable to handle his or her money appropriately. There are certain exceptions to the protection that a spendthrift trust may afford, however.

What are the steps involved in setting up a living trust?

During their estate planning considerations, many people in Florida consider setting up a living trust in order to avoid probate and to provide for either themselves or for others while the trust creator is still living. A living trust can lend flexibility. Many grantors name themselves as trustee and find little practical difference between managing the trust and managing its property directly.

The uses of bypass trusts

A bypass trust has long been a tool of choice for Florida couples who wish to defend their combined marital estate from encroachment by taxation. Recent legislative alterations regarding the marital deduction have made the bypass trust capable of sheltering even more than before.

Understanding the involvement of parties in living trusts

While the issue of an estate plan may seem like a decision for a later time in one's life, Florida residents of all ages may benefit from considering the importance of having a will or living trust in place. One of the primary interests in forming a living trust is the ability to limit or eliminate the potential for a probate process. During probate, a will becomes a matter of public information, an issue that could allow sensitive information about one's last wishes to be aired in public. With a living trust, however, these matters can be handled privately.

Choosing trustees during estate planning

Individuals in Florida who are working on trusts as part of their estate plans need to carefully consider the choice of trustee. This is an important decision because no matter how carefully a trust is designed, if the trustee or trustees do not administer it properly, the goals of the individual who formed the trust may not be achieved.

Differences between revocable and irrevocable trusts

A trust can be an effective way to avoid probate and transfer assets seamlessly to heirs, reduce estate taxes and give a family privacy. However, there are some things Florida residents need to take into consideration before they set up a revocable or irrevocable trust.

Shelly Sterling seeks court order to sell team

Florida basketball fans have been watching the Donald Sterling debacle unravel. The latest installment in the scandal is that his wife has entered into an agreement to sell the Los Angeles Clippers that is owned by the family trust without his consent. She is making plans to go to probate court in order to resolve the situation and have him declared incapacitated.

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