What Laws or Other Factors are Considered When Distributing Assets Within the Trust?
Video Summary
What laws or other factors are considered when distributing assets within the Trust? The Trust document indicates who the beneficiaries are, what portion of the Trust or amount they are to receive from the Trust when they’re supposed to receive the Trust, and it’s up to the Trustee to administer the Trust. As far as that’s concerned, many times the Trustee is to hold the money, must invest it or whatever to, so it just doesn’t sit there and doesn’t accumulate any income, and then he is obligated to distribute the money pursuant to the provisions of the Trust. The Florida statutes outline the duties of the Trustee and what his fiduciary or responsibilities are and when he should do that. So, the Trust instrument determines the factors involved as far as distribution of Trust assets. If you have any questions, give me a call at (727) 847-2288.
What Information Do You Share About Me With Other Beneficiaries?
Video Summary
What information do you share about me with other beneficiaries? What details can I receive about the other beneficiaries from you? Well, whenever you’re administering an estate, you’d address would show in the pleading. So that is shared with not only the other beneficiaries, but it is pretty much public record as far as the probate proceedings concerned. Other than that, well, no other information is really shared. The Executor or a Trustee would require that you give them your social security number if you were to receive any money or particularly any income from the Estate or the Trust. So pretty much the only thing that is shared with the beneficiaries is their addresses, which shows up whenever you’re administering the Estate or Trust as far as your address is concerned. But other than that, none of your information is about you, is shared. In fact, the Executor Trustee may not have any of that information, and if so, it’s certainly not up to them to share it with anyone else. If you have any questions about this, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
Do I Have to Pay the Decedent Credit Card Bills and Medical Bills From a Joint Acct?
Video Summary
Do I have to pay the decedent’s credit card bills and medical bills from a joint account which was maintained during his lifetime and I the co-owner? The answer is no. Creditors are required to file their claims in a probate proceeding, and if there is no probate proceeding, they have no way to file a claim and no way to recover whatever bills that are owed. This even goes to Medicaid liens. If there are no assets in the decedent’s name, they’re not able to recover these and you have no responsibility to use the money that was in a joint account to pay the decedent’s bills. The joint accounts are by statute become the asset or the sole owner of the co-owner of account. So if you have any questions, give a call (727) 847-2288.
- Published in Medicaid Planning, Probate, Videos
How Do I Safeguard Protect The Assets Were Left Behind?
Video Summary
How do I safeguard or protect assets that are left behind? This is a very problematic question and that you really have to rely upon your heirs or whoever has access to these assets whenever you pass away to see that they’re safeguarded. If the assets are titled such as real estate, well then they are pretty well safeguarded because you need to have the appropriate person sign the deeds as far as conveying the real property is concerned. If they’re automobiles or any assets that are titled, you can then check on that to see if anyone attempted to transfer those automobiles that we’re not entitled to. Same thing with securities and brokerage accounts. Those are all titled, and they require documentation in order to be able to be transferred to the beneficiaries of your estate. There is problems whenever you have, such as jewelry, collectibles, coins, furniture, antiques.
None of these assets have any assets. I routinely talk to my clients who do estate planning and I said it’s the U-Haul effect. Whoever gets there first with the U-Haul wins. So, you really have to rely upon the integrity of the beneficiaries of the estate because it’s very, very difficult to prove what’s was taken by whom and how much was it worth in order to try and recover it from someone. If you want to safeguard items such as jewelry and coins and things such as that, you could probably put them in a safe deposit box. However, then you won’t be able to enjoy them during your lifetime if they’re locked away. But that’s one way to safeguard them. Larger items, equipment, tools, things like that can’t put that in the safe deposit box. So the only thing that you may do is try and go through and come up with an inventory of some of the more valuable assets and put down the approximate value and put that on a list as to who you want to receive that, and that would certainly show that what assets should be there, but if they’re not, it’s very, very problematic. If you have any questions about this, give me a call, (727) 847-2288.
- Published in Estate Planning, Videos
What Laws Or Other Factors Are Considered When Distributing Assets Within The Trust?
Video Summary
What laws or other factors are considered when distributing assets within the Trust? The Trust document indicates who the beneficiaries are, what portion of the Trust or amount they are to receive from the Trust when they’re supposed to receive the Trust, and it’s up to the trustee to administer the Trust. As far as that’s concerned, many times Trust, the trustee is to hold the money, must invest it or whatever to, so it just doesn’t sit there and doesn’t accumulate any income, and then he is obligated to distribute the money pursuant to the provisions of the Tust. The Florida statutes outline the duties of the trustee and what his fiduciary or responsibilities are and when he should do that. So the Trust instrument determines the factors involved as far as distribution of Trust assets. If you have any questions, give me a call at (727) 847-2288.