The establishment of a trust is a complex step in the estate planning process. Because a trust goes beyond simply distributing assets after its creator trustee dies, there may be numerous legal elements at play, including tax ramifications and the trust's effect on government benefits. When a Florida trust creator names a successor trustee, the creator gives that person the legal authority to manage the assets according to the terms of the trust. However, if the beneficiaries of a trust are not happy with the successor trustee, it may lead to trust litigation.
One of the most difficult things adult children must discuss with their aging Florida parents is the need for a solid estate plan. Beyond distributing assets after parents pass away, a well-crafted estate plan includes documents that can protect one's parent during life, including a power of attorney and health care proxy. When a parent refuses to sign such documents, it may leave an adult child with few choices except seeking guardianship if his or her parent becomes unable to handle necessary financial and medical issues.
You may have wished your loved one would have done more to prepare for the end of his or her life, but the fact remains that you are now the one to sort things out. If your loved one named you to be the executor of the will or a Florida probate court appointed you to represent your loved one's estate, you have a lot to do before matters can be settled.
The rich and famous may accumulate their fortunes using their looks, talent or position in society. However, when it comes to end-of-life decisions, some celebrities seem to be just like many normal folk who put off making plans. Once again, fans and estate-planning advisors were left scratching their heads as music icon Aretha Franklin passed away with no will or trust. While most in Florida may want to know what will happen to her possessions, advisors want her fans to know that while wills are crucial, an estate plan can do more than distribute assets.