How Can I Set Up a Trust for my Grandchildren?
Video Summary
You can set this trust up in your will and that’s called a testamentary trust for your grandchildren. Another way to do it is just set up a living trust, also called a revocable trust, and provide for your grandchildren in a revocable trust or your living trust. However, if it is for a very small amount you may want to consider setting up something on the Florida College Prepaid College Program and there is another way to set this up so the grandchildren receive the account when they are age 21 by setting up an account in your name as custodian under the uniform transfers to the minors act and the account is held until such time as the minor reaches the age of 21. And if you pass away they can petition to have another custodian appointed such as your child or you can put it in their parents name to hold for them until they are 21 years of age. If you would like to do a trust or some estate planning for your grandchildren give me a call at (727) 847-2288.
What is a Living Trust?
Video Summary
A Living Trust is a document signed during someone’s life that generally makes legal provision for the way his or her assets are to be used during the individual’s life time as well as for who is to receive those assets upon his or her death. A will, on the other hand, does not take effect until a person passes away. Either document can be modified at any time during the person’s lifetime. Many choose to set up a trust because it is not subject to the probate process after the individual’s death. It is also important to note there there are revocable and irrevocable trusts.
Trusts Video Index
- Are Probate Court Records Public and How Can I Keep My Estate Details Private?
- Probate vs Trust Administration – What’s the Difference in Settling an Estate?
- What Happens If the Person I Chose as Trustee Can’t Serve or Dies?
- How Do I Make Sure All My Assets (Real Estate, Bank Accounts, Investments) Are Properly Transferred into the Trust?
- How Are Taxes Handled with Trusts Will My Beneficiaries Owe Taxes When They Inherit?
- How Do I Choose a Reliable Executor, and What Responsibilities Will They Have?
- When Should I Update My Will, Trust, Or Other Estate Planning Documents?
- If I Set Up a Trust, How Do I Fund It Properly?
- Can A Trust Protect My Assets from Creditors, Lawsuits, Or Long Term Care Costs?
- How Can I Make Sure My Beneficiaries Receive Their Inheritance Quickly and Smoothly?
- Should I Name a Corporate Trustee Like A Bank or Trust Company or an Individual Trustee?
- How Can I Minimize the Chances of My Will Being Contested After My Death?
- How Often Should My Trust Be Reviewed and Updated?
- What Is Better Per Stirpes Or Per Capita?
- How Do I Get an Advance or Loan on My Share of the Probate Assets In The Estate or Trust?
- How Can I Obtain a Copy of My Parents’ Trust?
- How Do I Know If I Am a Beneficiary of a Trust?
- What Kind of Decisions Can a Health Care Proxy Make?
- What are the Responsibilities as a Trustee of a Trust?
- How Long Will It Take to Create Estate Planning?
- When Someone Passes, What Happens to Their Bank Account?
- What are the Responsibilities as a Trustee of a Trust?
- Even If I Have a Will, Should I Still Consider a Living Trust?
- Why Would a Trust Be a Bad Idea?
- I Place My Assets In a Trust Are They Protected From My Creditors?
- What Is a Life Insurance Trust?
- What CANNOT Be Held in Trust?
- What Are the Benefits Of Having a Life Insurance Trust?
- What is the Difference Between a Supplemental Trust vs Special Needs Trust?
- Does a Living Trust Avoid Estate and Probate Taxes?
- Can I Use My Mother’s Power of Attorney, After Her Death to Closes Her Bank Account?
- What Laws or Other Factors are Considered When Distributing Assets Within the Trust?
- What Information Do You Share About Me With Other Beneficiaries?
- What Laws Or Other Factors Are Considered When Distributing Assets Within The Trust?
- Who Else Has Access to The Trust?
- Which Is Better To Have A Will Or A Living Trust?
- Are My Assets Protected If I Place Them In A Trust?
- Will My Assets Be Protected From Creditor Claims, If I Place Them In a Trust?
- What Is A Testamentary Trust
- How Can I Help My Kids Not Spend Their Inheritance After Turning 18
- ARE MY ASSETS PROTECTED FROM CREDITORS IF I SET UP A TRUST
- Revocable Trust Vs. Irrevocable Trust: What’s The Difference
- What Is a Testamentary Deposit Account
- Does Revocable Trust Need a Bank Account
- Why Would I Need to Open a Trust Account
- What Are the Drawbacks of a Living Trust?
- If I Have a Living Trust, Should I Also Have a Will?
- Who Should I Choose as Trustee of My Trust?
- Can I Use My Parents Power of Attorney to Transfer Their Trust Assets?
- When Do My Responsibilities Start as a Trustee?
- Is There a Minimum Value Required To Establish a Trust?
- What Plans Can I Make For My Pets In The Event Of My Passing?
- Should Homestead Property Be Held in a Living Trust?
- May A Trustee Sell Assets Without the Knowledge of the Beneficiary?
- What Can My Special Needs Trust Pay For That Will Not Affect My Disability Payment?
- What Is A Qualified Income Trust?
- What Is A Special Needs Trust?
- Will You Avoid Probate With A Trust?
- What Is A Trustee And Who Should Be A Trustee?
- What Is A Trust?
- Do You Need A Lawyer To Administer A Trust?
- Ask Jaleh: What Is A Miller Trust?
- Ask Jaleh: Who Controls the Money In A Special Needs Trust?
- What Is A Joint Trust And Can I Establish One?
- Does a Designated Trustee Need to Hire a Lawyer?
- What are My Duties as a Trustee of a Trust?
- What is a Special Needs Trust?
- What is a Caregiver Trust?
- Does a Trust Protect My Real Estate From Creditors?
- Should I Put My Homestead Property In My Revocable Trust?
- Do You Understand Your Trust?
- Ask Thomas Mitchell: Is My Trust from Another State Valid in Florida?
- How Often Should I Update My Trust?
- What Assets Can be Named in a Trust?
- Should I Have a Revocable Trust?
- How Can I Set Up a Trust for my Grandchildren?
- What is a Living Trust?
- Trusts Video Index