Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Living Trust or Will
My wife and I just moved to The Villages from upstate New York. We are wondering what is the difference and advantages of a Trust over a will.
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#2
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The following are some of the main advantages to a trust as opposed to a will:
A trust allows you to avoid probate if it is properly funded. A trust administration is generally a more private procedure than a probate administration. When administering a trust in the State of Florida you are not required to file a copy of the trust with the Court, nor are you generally required to disclose the contents of the trust to any non-beneficiaries. If you own real property that is located outside of the State of Florida, a trust can serve as a great tool to avoid probate in that particular state (however, you may still be subject to paying estate and/or transfer tax in that state). A trust is also a great tool for tax planning. The above list is not comprehensive and there are other reasons and/or advantages to having a trust. Many clients are surprised to learn that so long as they are married a trust is often not necessary to avoid probate upon the first spouse’s death. Unfortunately, in my opinion, many attorneys recommend for clients to create trusts far too often when they are not necessary. The fees for an attorney to prepare trust package are generally at least double that of a standard estate package. I have plenty of clients, married and unmarried, that have revocable trusts. Every client’s situation and reasons for possibly having a trust differ. I would be happy to meet with you for a free consultation to discuss your estate plan and whether or not a trust being part of that plan would be in your best interests at this time. Please give me a call to schedule an appointment (352) 365-2262 |
#3
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Is there a rule of thumb choosing a trust, by how much money you have. If so, what?
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#4
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There is no rule of thumb as to how much money one must have to create a trust. There are numerous reasons as to why a trust may good estate planning tool for an individual. Please contact my office to set an estate planning consultation and I will be happy to discuss whether a trust would be a good fit for you.
Thanks, ASHLEY HUNT |
#5
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Is the trust broken with remarriage?
My fiancee has a living trust. We are planning on combing households(legal marriage). Hers is in a trust. I will be added to the deed of the real property held within the trust. Does this break the trust for her other assets also within the same trust,IRA,etc. can a prenup solve this dilemma so she can be assured myself or my heirs will have no claim to her assets?
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#6
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The question you are asking is very fact specific. I would need to review the proposed deed and trust in order to answer your specific question. However, I can tell you that anytime someone makes the decision to get married it is always a good idea to consult with an attorney prior to doing so. There are legal ramifications to getting married from both an estate and dissolution of marriage standpoint that you should be made aware of prior to getting married. For example, from an estate standpoint a surviving spouse has certain rights, such as the ability to make an elective share claim, receive an inheritance under the intestacy laws and obtain an interest in their spouses homestead, that they would not otherwise have had if they were not married. From a dissolution of marriage standpoint, assets that were owned by a spouse prior to the marriage could become marital assets and subject to division in a divorce proceeding if they are commingled or titled in joint names with the other spouse during the marriage. The prior examples are not a comprehensive list and you should consult with an attorney prior to getting married.
It is very common in a second marriage between parties that have children from a prior relationship to execute prenuptial agreements prior to the marriage. A prenuptial agreement can spell out exactly what will happen in the event the marriage is dissolved or a spouse dies during the marriage. I have prepared many such agreements in the past and would be more than happy to meet with you to discuss the legal consequences of getting married as well as how a prenuptial agreement can change those consequences. Please contact my office at (352) 365-2262 to schedule an appointment. |
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