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Posts tagged "Trusts"

Woman and former attorney at odds over interpretation of trust

Trusts are tools that many in Miami are encouraged to involve in their estate planning due to the control that they offer over a person's assets. Not only do they allow an estate to avoid having to go to probate upon one's death, but they also permit one to stipulate who will handle their financial affairs and medical decision-making should they lose the ability to do so. Granting a trustee or another party such authority empowers that individual to assume control of one's property in predetermined circumstances. Knowing this, one should think carefully about what stipulations he or she chooses to include in a trust instrument

Trusts and the age of beneficiaries

When it comes to trusts, there are various issues that those creating an estate plan may have to take into consideration, such as how their assets will be distributed and which trust is the best option. At the Law Offices of Frye & Vazquez, we are also aware that some trustors in Miami, as well as beneficiaries, may struggle with issues related to the age of beneficiaries.

Detailing the court’s involvement in a trust administration

Unless you have experience in working with trust law, your understanding of the roles and responsibilities that come with the office of a trustee is likely limited. If you are asked to serve in such a role, there are resources out there to help advise you (including us here at The Law Offices of Frye and Vazquez, P.L.). You might also wonder what sort of guidance you might expect from the court. The answer may surprise you.

Do I need a generation-skipping trust?

Even if you are one of the many Florida residents who already has a pretty firm estate plan in place, you may find now a good time to review that plan. As life changes, so too might your estate plan. One of the tools you might want to consider is a generation-skipping trust.

Examining the exemption to the prudent investor rule

In the past, this blog has detailed the prudent investor rule as it applies to trustees in Miami. Simply put, it requires that trustees invest trust assets with the right amount of research and judgment one would expect from a reasonable, prudent person. This seemingly puts a lot of pressure on trustees for their investment vehicles to perform well. However, there is one major area of trust management that is exempt from this rule: life insurance.

Protecting your pets through a trust

Many of those who come to us here at The Law Offices of Frye & Vazquez, P.L. inquiring about creating a trust want to do so primarily to ensure that those they love are taken care of. That love may extend to family members, friends, and yes, even pets. Like many in Miami, you may feel a strong bond with your pet, and would likely want to see him or her cared for if you were unable to do so. You could also own animals whose use you profit off of from breeding or entertainment purposes, and would want to protect your investment. In any event, Florida law does allow for the care of animals to be seen to through a trust.

What is a charitable trust?

If you have a large amount of assets that you want to be managed in the event that you are unable to do so, then placing them in a trust ensures that they will be conserved for whatever purpose you may have for them both in Miami and beyond. Florida’s Trust Code requires that, when creating a trust, you must designate a beneficiary. There are, however, certain exceptions to this rule, one of which is if you wish to create a charitable trust.

Addressing a breach of trust

Being at the perceived mercy of a trustee Miami can be a nerve-wracking proposition. If you are like many of those with whom we here at The Law Offices of Frye and Vazquez, P.L. have worked in the past, you may wondering what sort of legal recourse you have if you suspect a case of breach of trust. The Florida Trust Code does have provisions in place to deal with such incidents.

What is the prudent investor rule?

When you are a beneficiary or party to a trust in Miami, you and other interested parties may find it frustrating that all of the power related to the management of the trust seemingly lies with the trustee. While the settlor of the trust may have designated certain assets and property to pass to you, that will only happen when the conditions stipulated by the governing instrument are met. Until then, the responsibility to oversee (and hopefully, to grow) those assets remains with the trustee. If the trust article stipulates that its assets are to generate income, then the trustee may tasked with investing them. Yet how much discretion does he or she have in doing so?

Detailing the trustee's duty of loyalty

Being asked to serve as trustee of a trust account created by a family member, friend or colleague in Miami may be a daunting task. As we here at The Law Offices of Frye and Vasquez, P.L. can attest to, the relationship between trustees and beneficiaries can be a tenuous one. If you are new to the position of a trustee, then it may be important to know exactly what your duties are, both in satisfying the interested parties to your trust and in fulfilling its purposes.

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