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What Happens to a Living Trust After Death?

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?

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How Do I Protect My Assets?

Gentleman holding an umbrella over assets, protecting them.

Protecting your assets from things such as lawsuits, Medicaid recovery, and creditors is an important part of estate planning. Generally, people want their assets going to loved ones or beneficiaries they choose. There are a number of ways to do this, and make sure your assets are protected. Whether a trust is right for you depends on what you want to protect and from whom. 

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What is a Trust?

Blocks with letters spelling out trust

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.

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Conservatorships vs. Powers of Attorney: Which is Right for You?

Younger woman and older woman reviewing a legal document, such as Power of Attorney

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. 

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How to Protect Assets from Medicare

Mock up of Medicare Card

As we age, we start looking at end of life care more seriously. We know that when we turn 65, Medicare will kick in, and it will cover our doctor visits and prescriptions and hospital visits. However, when it comes to long-term care, what is Medicare’s role, and how do we protect our assets?

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What is a Will Contest and Who Can Contest a Will?

Couple meeting lawyer to contest a legal document such as a will

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.

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How Does a Family Trust Protect Your Assets?

Attorney meeting with senior couple

There are several ways to protect your assets, and preserve them for your heirs. One way to do that is through a family trust. When someone decides to set up a family trust, it is meant to benefit their relatives. It is meant to specifically benefit the person’s family, which can include blood relatives, relations by marriage, or relations by law, in the case of adoption. These can be revocable or irrevocable trusts and are essentially a subcategory of living trusts. 

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When is a Will Filed in Probate Court?

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. 

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What Assets Should Not be Included in a Living Trust?

living-trust-document-and-gavel

A living trust is set up to benefit both you and your heirs throughout your and their lifetimes. It is designed to hold your assets safely within it and give you the power to organize it how you would like. A living trust helps to avoid probate and provide for a smooth transfer of assets after a person dies. Transferring assets into a trust can save years and thousands of dollars in legal fees. However, not all of your assets should be included in a living trust, for various reasons. We will go over those here. 

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