Establishing a living trust is a normal part of estate planning for many people. The idea of being able to benefit from and control the assets in the trust until your death is an attractive one. In a living trust, a person appoints a trustee, who oversees the trust after the person dies, administering it as the grantor wished. As mentioned, the grantor can make changes to this type of trust up until the time of either their incapacitation due to illness or death. However, what happens with the trust after the grantor’s death?
If you have been planning for your future, the protection of your assets, and who you’d like them to go to, you’ve probably run across the legal concept and tool of trusts. There are several types of trusts, as well as several reasons why you would use one to protect your assets, and ensure they go to the right entity. Choosing the right type of trust is vital, as there are significant differences in how each trust operates.
As we age, planning for our estates and end of life care becomes increasingly important. Part of this planning may include the possibility of being incapaciatated, and requiring someone else to make important decisions regarding your health or assets. There are, of course, options for this kind of thing, including conservatorships and powers of attorney. Which is right for you? That depends on your situation.
If you have recently lost a loved one, you may have heard the word “probate” thrown around. You may not know what it means, or what happens during a probate court hearing. If that’s the case, you’re in the right place.
When a family member dies, there can sometimes be disputes over the validity of the will. This is called a will contest. This can be a difficult time for families, and contesting a will can make a tough situation even more difficult. In a will contest, certain parties to the will may raise an objection to the will, with the idea that it is not conveying the deceased person’s true intentions with their assets. Those contesting the will may make the case that the deceased was incapacitated at the time the will was drawn up, and unable to make clear decisions. Of course, not just anyone can contest a will. According to Florida probate law, only “interested parties” can make the case against a will. And they can only challenge the will for legal reasons. Interested parties are defined to include children, heirs, devisees, spouses, creditors, or any others having a property right, or claim against, the estate being administered. Those who may challenge a will generally fall into one of three main categories, which are the beneficiaries of a prior will, beneficiaries of a subsequent will, and intestate heirs.
After the death of a loved one, there are certain steps that need to be taken in regard to the person’s will to make sure it is probated and that the instructions are carried out. The quicker this is done, the quicker the assets in the will can be distributed.
Avoiding the probate process may be desirable both for the person who has passed away and for the person’s heirs. It does not have to be a difficult process, as it is easy to ensure your assets are going straight to your heirs while avoiding probate. Here are several ways you can avoid the probate process.
For some people without children, estate planning may not seem necessary. In some cases, people might also think that estate planning is only for the wealthy, and may not apply to them. It may also seem like a stressful endeavor not worth undertaking with no obvious heirs, such as children.
For a single person, estate planning may be the last thing on their mind. For that reason, estate planning for a single person can sometimes be challenging. There are many decisions that need to be made, and it is often easier not to think about it, especially if you are single. However, having an estate plan in place can reduce stress for survivors of the single person, and give the single person peace of mind, knowing that things will be taken care of.
End of life planning is never pleasant, but putting some effort into it now can save yourself and your family many headaches down the road. If you have decided to start end of life planning, you may be surprised at how many options there are, and overwhelmed as to what options are best for you. Today, we will discuss life estates and when you will need one.
