Notice to Heirs and Interested Parties — Time to Contest In most states including Florida, after the petition for probate is filed, the Probate Court will order that notice of the petition be given to the heirs and other “interested” parties (those who may not be heirs but who may…
Donating One’s Body to Science A dead human body is usually disposed of by burial or cremation. One alternative that benefits people outside of the funeral industry is to donate one’s dead body to science. Donation to science (also know as donation to medical science) is turning over a dead…
Florida law specifically authorizes Spendthrift provisions in a revocable living trust or irrevocable trust. A spendthrift clause in a trust prohibits transfers of a beneficiary’s interest in the trust. In some jurisdictions, all income interests are automatically given limited spendthrift protection meaning that they cannot be transferred by a beneficiary…
Under a Totten trust, a trust-like arrangement is created by a person who deposits money in a bank account and names a beneficiary. Because the depositor owes no duties to the beneficiary, a real trust (Florida Revocable trust)is not formed. However, upon the depositor’s death, the account will not go…
A trustor can name the trustee of a living trust or of a testamentary trust created in a will as beneficiary of his life insurance proceeds. However, if the trustee of a living trust is named beneficiary, the trust must exist at the time that the beneficiary is named. These…
In many jurisdictions, Florida revocable trusts cannot be revoked unless the trustor expressly retains the right to revoke. Revocable living trusts allow a trustor to manage his assets, to plan for his incapacity, and to avoid probate. The beneficiary of the Living trust or Revocable Living Trust gains interest in…
You can avoid probate in Florida, and pass your property to your children within only a couple of months by creating a Florida Living Trust. A Living Trust is a legal entity that is separate from you as an individual. You transfer title to your major assets to this trust-like…
Florida Estate Planning: The process of preparing and planning for a persons financial, health care and personal affairs. It includes documents to designate an agent in the event of a future disability such as a Living Willl or health care surrogate to assist with health care matters if one is…
Domicile is important when creating a Florida Estate Plan as well as when dealing with Florida Probate matters. Domicile: The place that a person presently lives with the intent to remain. This is usually a persons permanent residence but if they are merely away on military service, to receive medical…
Probate Claim: Claims are debts of the estate. There are two types of creditors in Florida a known or reasonably ascertainable creditor and all others. For claims the Personal Representative is aware of or should be aware of a creditor in Florida has the greater of 30 days from being…