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
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.
Who Else Has Access to The Trust?
Video Summary
Who else has access to the Trust? Well, Trust or not public records, sometimes a certificate of Trust is recorded in the public records, which identifies the trustee and also the powers of the trustee or the successor trustee, but does not reflect who the beneficiaries are. The trustee has access to it, and also the successor trustee as to the contents of the Trust. And the trustee is supposed to send out a notice of Trust or the copy of the Trust or the contents of the Trust to the beneficiaries, and the beneficiaries are entitled to a copy of the Trust. If you’re not a beneficiary, well, you have no right to the informational Trust. Many times I receive calls from folks that say that, well, I’m a beneficiary of that trust. I said, well, how do you know that? Well, so how do I get a copy of it? And it’s very difficult, particularly if the trustee does not provide you with a copy of it, although you believe you are the beneficiary. So if you have any questions about it, give me a call at (727) 847-2288.
Which Is Better To Have A Will Or A Living Trust?
Video Summary
Which is it better to have a Will or a Trust? Well, there’s no good answer or there isn’t an answer to that. Without knowing this, your circumstances, as far as everyone should have a Will that says that whatever assets that they have in their name alone, at the time of their death, that they, wish to leave it to and name the beneficiaries. And if you have a Trust, well the Will will simply say, well, I won’t leave everything to my Trust and have it identified in the Will and by date and name, with Trust whenever to set one up. You need to have a reason for doing that. So whenever someone says, well, I want a Trust, I say, well, why do you want a Trust? And if you, particularly have a special needs, a person that you want to provide for, well that’s a good reason to have a Trust or set up a Trust if you have beneficiaries who, suffer from addictions or whatever. You want them to be able to have the money but not have access to it because you’re concerned about it being squandered or even having a Trust for beneficiaries who are minors and you want to provide for their education and have the money held for their health, education and maintenance to reach a certain age.
So these are some of the reasons why you might want to establish a Trust. Many times your folks come in and say, well, I want to avoid probate. And depending on how complex your estate plan is, if it is relatively simple, you can, avoid the expense of setting up a Trust and simply designate beneficiaries on your bank account, execute life estate deeds as far as your real estate’s concerned in order to avoid probate without the necessity of a trust. Also with Wills, anytime a Will does have to be probated. If there are assets, they’re in the decedent’s name. So if you have any questions about having a Will, or preparing a Trust or how to avoid probate without a Trust, give me a call at (727) 847-2288.