A will can also be referred to as a last will and testament. Both terms are describing the same estate planning tool and both are used in this article. When trying to understand the elements involved in contesting a will in Florida, it helps to first have knowledge of what a valid will actually is so let’s start there. [Read more…] about Contesting a Will in Florida
What is a testamentary trust?
A testamentary trust is a trust created by a will that takes effect when the grantor ( the person who made the will) dies. This is pursuant to Florida State Statute 736.1106. The grantor of the will provides the directions for establishing the trust at the time the will is created. Although the will is active immediately upon completion, the trust is not actually created until the grantor has died and the estate has passed through probate.
Imagine leaving all your assets and money outright to a child or spouse only to have a creditor come in and take everything, leaving them with nothing. How about having a pregnant wife who gets in an accident but since you didn’t clarify in a legal document who to save, the doctors save the fetus over your wife or vice versa? Couples are divorcing daily, and although no one wants to believe it would happen to them, it does. Imagine being separated from that spouse but not officially divorced and they get everything when you pass away.
In the estate planning world, there are numerous tips that I could endlessly write on. To narrow it down to just ten tips was difficult to say the least so please know the purpose of this is not a complete guide to estate planning but rather just a few things to think about when beginning to plan or, if you have a plan, a few tips that hopefully add value to your existing arrangements. Don’t miss the bonus tip within the article; it’s one of the most important!
Do you own a business? Will you inherit one? Does a family member? Even if you answer no to all those questions, you know business owners are hard working individuals who bought into a company or built their legacy from the ground up. They have devoted so much time and effort toward their companies that they are no longer just projects, but cherished assets. Estate planning for business owners is a topic well-received and one that must be addressed for these individuals. Everyone must consider what happens to their house, possessions, money, and pets after they die. For owners or beneficiaries of companies, they must also take into account the future of the business.