what to ask a lawyer in florida about trusts

Do I need an attorney to prepare a living trust in Florida?

Ask a Lawyer to get an answer or read through our 80 previously answered Florida Trusts questions. Trusts and Estates. Legal Issue. Administrative. Admiralty And Maritime. Adoptions. Alcoholic Beverages. Alternative Dispute Resolution. Americans With Disabilities Act.

Where can I get help with my Florida Trust questions?

Do you have any Florida Trusts questions and need some legal advice or guidance? Ask a Lawyer to get an answer or read through our 86 previously answered Florida Trusts questions.

What are the rights of a trustee in the state of Florida?

Lawyers.com Discuss Your Legal Issue Ask a Lawyer Trusts and Estates Revocable Living Trusts in Florida. QUESTION. Revocable Living Trusts in Florida. Asked on Jul 25th, 2013 on Trusts and Estates - Florida More details to this question:

Can you put an animal in a trust in Florida?

Jun 20, 2016 · Florida trust laws state that a trust is created only if: The settlor has capacity to create a trust. The settlor indicates an intent to create the trust. The trust has a definite beneficiary or is a charitable trust, a trust for the care of an animal, or a trust for a noncharitable purpose. The trustee has duties to perform.

What questions should I ask about a trust?

Questions to ask your parentsWhat were your intentions in creating this trust? Ask why this trust was set up. ... How do you think this trust will impact me? ... Who else has access to the trust? ... What is your relationship with the trustee and/or trust administrator? ... How will I work with the trustee and/or trust administrator?

How much should a trust cost in Florida?

between $2,000 and $3,000How much does it cost to set up a living trust in Florida? A typical cost for an attorney to prepare a revocable living trust in Florida is between $2,000 and $3,000, depending on the attorney's experience.Mar 8, 2022

How does a trust work in Florida?

The Florida Revocable Living Trust allows you to avoid guardianship court for the inheritance your children will receive. In Florida, if a child receives more than $15,000 in an inheritance, a guardian of the property will need to be appointed even if the child's biological parent is still alive.

What is a reasonable fee for a trustee in Florida?

1% to 3%On average, trustee fees can range from 1% to 3% of the trust assets. For example, a 3% fee can be considered a reasonable fee for large and complex assets that can take years to administer.Mar 24, 2011

What are the disadvantages of a trust?

What are the Disadvantages of a Trust?Costs. When a decedent passes with only a will in place, the decedent's estate is subject to probate. ... Record Keeping. It is essential to maintain detailed records of property transferred into and out of a trust. ... No Protection from Creditors.Oct 23, 2020

What should you not put in a living trust?

Assets That Can And Cannot Go Into Revocable TrustsReal estate. ... Financial accounts. ... Retirement accounts. ... Medical savings accounts. ... Life insurance. ... Questionable assets.Jan 26, 2020

Should your house be in a trust?

Why Put A House In A Trust? The main benefit of putting your house in a trust is that it bypasses probate when you pass away. All of your other assets, whether or not you have a will, will go through the probate process. Probate is the judicial process that your estate goes through when you die.Jul 23, 2021

What happens if a house is left in trust?

If you're left property in a trust, you are called the 'beneficiary'. The 'trustee' is the legal owner of the property. They are legally bound to deal with the property as set out by the deceased in their will.

Should bank accounts be in a trust?

Some of your financial assets need to be owned by your trust and others need to name your trust as the beneficiary. With your day-to-day checking and savings accounts, I always recommend that you own those accounts in the name of your trust.

How much does an executor of a trust get paid in Florida?

Executor Fees In Florida, executors are entitled to a percentage of the decedent's estate as compensation for their work. This starts at 3% of the first million dollars, 2.5% on the next four million dollars, and 2% on the next five million dollars.

How long does a trustee have to notify beneficiaries in Florida?

Within 60 days(a) Within 60 days after acceptance of the trust, the trustee shall give notice to the qualified beneficiaries of the acceptance of the trust, the full name and address of the trustee, and that the fiduciary lawyer-client privilege in s.

What are typical trust fees?

Most corporate trustees are paid a percentage of the trust assets —usually between 1% to 2% per year—for their services. So, if a trust has $1 million in assets, a corporate trustee would receive between $10,000 and $20,000 in annual fees.

How to create a trust in Florida?

1. In the state of Florida, trust laws state that a trust is created only if the following is true: 1 The settlor has the capacity to create a trust. 2 The settlor indicates an intent to create the trust. 3 The trust has a definite beneficiary or is a charitable trust, a trust for the care of an animal, or a trust for a noncharitable purpose. 4 The trustee has duties to perform. 5 The same person is not the sole trustee and sole beneficiary.

How do trusts work in Florida?

In the state of Florida, Florida trusts may be created by: The transfer of property to another person as trustee during the settlor’s lifetime or by will or other disposition taking effect on the settlor’s death; The declaration by the owner of property that the owner holds identifiable property as trustee; or.

Why do you need a living trust in Florida?

In the state of Florida, a living trust can be utilized to avoid probate upon the death of the grantor’s of the trust. This happens because living trust property is not titled in the name of the grantor at the time of their death and so the property is not considered as part of a probate estate.

How to contact Weidner Law?

If you are in need of an attorney to help navigate your way through Florida trusts, Weidner Law can help! Just pick up the phone and give us a call today at 727-954-8752 or contact us through our online contact form to find out how we can help you with your Florida trust questions. Share Tweet Share Pin.

Can a revocable trust be amended in Florida?

In the state of Florida, a revocable living trust can be revoked or amended at any time during the life of the grantor of the trust. For as long as the grantor of the trust is living they are also considered to be the trustee and are allowed to exercise complete control over the trust. 7.

Is a trust a charitable trust?

The trust has a definite beneficiary or is a charitable trust , a trust for the care of an animal, or a trust for a noncharitable purpose. The trustee has duties to perform. The same person is not the sole trustee and sole beneficiary. 2. In the state of Florida, Florida trusts may be created by:

What is a living trust in Florida?

A living trust is a trust that a Florida resident makes during their lifetime for their own benefit and for the benefit of a spouse and designated people after their death. Florida trusts are governed by Chapter 736 of the Florida statutes. The chapter is known as the Florida Trust Code.

Who takes legal title to a trust?

The trustee takes legal title to the trust assets and ensures that the trust directions are carried out. A trustee has a fiduciary duty to the grantor and the beneficiaries to carry out the grantor’s intentions in a fair and reasonable manner. The grantor usually serves as the initial trustee of a living trust.

What is a revocable trust?

A revocable living trust has two estate planning benefits. First, a living trust avoids guardianship in the event of the grantor’s incapacity. The living trust agreement typically provides that if the grantor cannot manage trust property, then a successor beneficiary takes over the administration of trust property for the grantor’s benefit.

Who is the grantor of a living trust?

The grantor usually serves as the initial trustee of a living trust. Lifetime Beneficiary. The lifetime beneficiary is usually the grantor. The lifetime beneficiary has full access to income and principal of the living trust during their lifetime. Death Beneficiary.

Does a living trust protect assets?

Asset Protection for Living Trusts. Some people mistakenly believe that living trusts provide asset protection for the trustmaker. In fact, a living trust does not protect living trust property from the trustmaker’s creditors. A living trust is a “self-settled” trust.

What is a simple estate plan?

A simple estate plan is for a a living trust that leaves the trust estate to the surviving spouse using the marital deduction. However, while simple, the plan presents other choices.

Is a revocable trust more expensive than a will?

The primary disadvantage of a revocable trust is that it is more costly to set up than a will . While a person can get a free or low-cost will form online, or a simple will with an attorney, a living trust is a more complicated document that legally must be prepared by an attorney in Florida.

What is justia ask a lawyer?

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What happens if a car is repossessed?

After your car is repossessed, your lender must give you written notice that the car is repossessed. The car can then be sold at a public auction or private sale. The lender must give you notice of the auction or private sale date. If they broke the law, they should cut you a deal to make you whole. View More Answers.

Is probate law complex?

Probate Law is very complex. No lawyer can answer your question because there is not enough information. Foe example, if there is a Last Will, it will usually name a personal representative--who may or may not be a beneficiary of the Last Will. In situations where that is no Last Will... Read more ».

Can you get divorced if you are not married?

If you are not married, you can't seek a divorce (or dissolution). Thus the laws for disposition of marital property do not apply. Instead, you would have to sue him for "partition" of the property. The property would be sold and each of you would get part of the proceeds....