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Trusts Archives

When to use an irrevocable trust

Some people in Florida who are creating an estate plan may want to consider an irrevocable trust. While a revocable trust is a more common choice because it allows the creator to remain in control of the assets, there are some advantages to an irrevocable trust.

The importance of an estate plan for blended families

It is not uncommon today for a person in Florida to be married two or more times in their life. Whether due to divorce or death, many people go on to find happiness again with a new spouse. While that experience can bring great joy into a person's life, it can also bring new complexities with it. If you are in a remarriage, especially with children on both sides, you will know this firsthand.

Choosing the best trustee to manage a trust

Florida residents should proceed with caution when it comes to naming an estate trustee. Many people naturally assume that a close relative would make a good trustee because of their familiarity with the estate owner. However, this might not always be a good idea, particularly in families with a high net worth. In many instances, an impartial third party would be a better choice.

A trust can offer more advantages than a will

Most people do not like discussing the possibility of passing on. Therefore, many Florida adults avoid estate planning in the manner that many avoid getting a medical checkup. But for those with assets to leave after they die, estate planning is very important to beneficiaries and heirs.

There are many trust options available

Florida residents who are creating an estate plan may have heard about the benefits of trusts. As there are many different types of trusts, it is important to understand what they do and who could benefit most from them. For instance, if an individual has a child with special needs, a special needs trust could be a critical component to an estate plan.

How trusts can be used to preserve family wealth

After people in Florida create an estate plan, it may need to be updated regularly. Lee Radziwill, the sister of Jacqueline Kennedy Onassis, died in early 2019 and had a will that was dated Sept. 20, 2018. There was a revocable trust from 2017. The proximity of these dates to her death is not unusual if it is understood that she probably would have been revising them regularly.

Protect your disabled loved one with a special needs trust

As a Florida resident who has a disabled child or adult in your life, you will likely face unique estate planning considerations that differ considerably from those faced by your peers. In addition to getting your own affairs in order, you will likely also need to consider the future needs of your disabled loved one when working on your estate plan. At Frye & Vasquez, P.L., we recognize that many people facing similar circumstances choose to create special needs trusts, and we have helped many clients accomplish this and other similar estate planning objectives.

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