Powers of attorney vary in the extent of powers granted. A special power of attorney may specify certain powers that would be granted to the agent.
Trusts allow a third party, or trustee, of your choosing, to hold assets on behalf of a beneficiary or beneficiaries. One of the great factors of a trust, is that trusts tend to avoid probate. Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified. Probate can be a long and stressful process for your loved ones.
A trust amendment is a legal document that revises specific provisions of a revocable living trust or an “inter vivos” trust. It is only intended for making changes to specific provisions, while leaving the rest of the document in its original form and other provisions unchanged.
The Florida Spousal Elective Share is a statutory right created by the legislature that is available to the surviving spouses of persons who were domiciled in Florida at the time of their death.
Generally speaking, signing under seal makes the contract more formal. “The formality of a promise under seal is an efficient, trustworthy method of channeling a person’s deliberate intent to be legally obligated”
The primary probate proceeding is usually held in the decedent’s state of residence or home state. However, a state probate court only has authority over property in its own jurisdiction; it does not have the power to issue orders for property that is located in another state. Therefore, an additional probate proceeding becomes necessary.
Unfortunately, the passing of a young and healthy individual like Bryant occurs more often than one would like to acknowledge and does not make headline news. When these ill-fated events take place, families are often left to mourn the death of a loved one while also navigating the complexities of administering an estate that was not properly planned.
Traditionally, estate planners have split tenancies by the entirety in order to fund separate trusts for both spouses, with the aim of maximizing estate tax exemptions.
Simply put, trust companies are businesses that have the legal authority to hold and manage other people’s money for compensation.
GRAT, short for Grantor Retained Annuity Trust, is a type of irrevocable trust that alleviates the tax cost of passing assets to your beneficiaries.
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