In Florida a Successor Trustee is the person or institution named in the Revocable Trust agreement or other trust agreement who will assume control of the trust if the original trustee dies, resigns, or becomes unable or unwilling to act. There can be several layers of back-up trustees that take over in the order you designate. This person is like a backup agent for a power of attorney or Living Will
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Appointment of the Executor/Administrator
In Florida Probate, if no one objects to the petition for the allowance of the http://www.jacksonvillelawyer.pro/lawyer-attorney-1335235.html or (if there is no will) to the petition for administration of the estate without a will, then the court will usually appoint the executor named in the will (or the administrator named in the petition) to be the legal representative of the deceased's estate. Once formally appointed by the court, the executor or administrator will take legal title to all of the deceased's probate assets, so that estate property may be "dealt with" in the process of settling the estate. In other words, all of the deceased's bank accounts, securities, and other assets (real estate is subject to special rules in many states) that are a part of his probate estate will be titled "Jane Jinx, Executrix, Estate of John Jinx."
The executor, or the administrator if there was no will, is the person responsible for all aspects of settling the estate, including paying debts and taxes, dealing with claims against the estate, and ultimately distributing the estate property to the beneficiaries. After receiving his appointment, however, one of the first things he must do is prepare and file an estate inventory.
The person selected to have the authority to act on the behalf of a principal. An attorney-in-fact can be any adult that the principal selects. (He or she need not be a Florida lawyer.) Typically, people appoint an attorney-in-fact in a power-of attorney, granting the attorney-in-fact the power to transact business (enter into agreements, contracts, make transfers of property, etc.) in accordance with the power-of-attorney. The authority of the attorney-in-fact cannot last beyond the life of the principal. In most cases a power of attorney expires if the principal becomes disabled or incapicated. Florida allows for a Durable Power of Attorney that can become effective upon a disability, an occurrence of an event, or at the time that the document is signed. Florida law provides that a durable power of attorney is not impacted by a persons subsequently disability. The agent can also use this power to help the principal qualify for Florida Medicaid.
Florida Spendthrift Trust: A trust established to provide a fund for an individual that includes a provision intended to secure it against that person's lack of caution and protect it against the claims of creditors. A person can typically prevent against their own creditors but they can achieve some asset protection for others they choose to provide for such as children who have a trust but a trustee with discretionary powers whether or not to distribute property.
In Florida a Revocable Trustcan be amended and revoked, by the grantor who established the trust. This trust may become irrevocable and no longer amendable when the grantor of the trust dies or becomes permanently incompetent.
Living Trust also known as Revocable Trust of Revocable Living Trust: A trust that one establishes during one's lifetime which is not part of one's will, but is established by a separate written trust agreement. A revocable trust is one of the primary means for avoiding probate. I can also allow for a specific distribution such as the children receiving 1/3 of the inheritance at 25 1/3 at 30 and 1/3 at 35 if the parents are already deceased or providing longer term asset protection on their behalf. It can provide for professional management of the trust assets, help to ensure that the grantor or their trustee can maintain control over their affairs and has many useful benefits.
Assets which are in the Revocable Living Trust prior to the death of the grantor are not subject to probate, inventory, but can be subject to estate tax. The Trust will generally become irrevocable at the time of the death of the grantor and terminate shortly afterwards. The trust can create several new trusts upon or give assets outright to the beneficiaries. Consult with your Florida Revocable Living Trust Attorney to create a trust that works best for you. There are also several special trusts that can be used to carry out your desires and achieve your goals and objectives.
- (a) a judge determines whether or not the decedent's will if any is valid;
(b) a personal representative is appointed to:
- (1) collect the decedent's assets in his or her probate estate,
(2) pay the decedent's legal debts, and
(3) distribute the remaining assets in the decedent's Florida probate estate to the individuals or entities entitled to the assets in accordance with the will or laws of Florida intestacy; and
(c) the court approves the transfer of the decedent's assets to the individuals and entities designated in the will or the laws of intestacy.
The probate court will also determine the rights, if any, of a spouse and children to the decedent's property in addition to what they have been left in the will and supervises any claims filed against the estate, objections to claims and probate claims which are barred by time.
In Florida wills, Florida Trusts, and Florida Estate Planning it is important to deal with Pretermitted children. Make sure your Florida Estate Planning Attorney and the estate planning documents deal with them or you can have unexpected results.
A Pretermitted Child A child by birth or adoption who became a child after the execution of the current estate planning and was not mentioned in the will or trust. If a person has a child or children after executing their will and do not prepare a codicil after or name the child in the document the child will be entitled to receive the share they would be allowed if the estate were to pass by Florida intestacy laws.