Can your personal representative be the same person as your trustee?
Yes, you can name the same person to be both the personal representative of your estate and the trustee of any trusts you create. What is the difference between a personal representative and a trustee? The main difference between a personal representative and a trustee is that the personal representative manages the estate while the […]
Why Every Will Needs a Residuary Clause
What is a residuary estate? The residuary estate is all property not specifically left to someone in a last will and testament. In other words, it is a “catch all” term for everything left over in an estate after all the specific gifts have all been made and all the debts and expenses have been […]
Can a personal representative also be a beneficiary of your will?
Yes, you may name one of the beneficiaries of your will to also be your personal representative. In fact, this is commonplace. Who can serve as personal representative? In order for an individual to be appointed as a personal representative in Florida, that individual must be (1) at least 18 years old, (2) mentally and […]
What is a declaration of trust?
A declaration of trust is the instrument that creates a trust. It is also commonly called a “trust document.” Is a declaration of trust a trust? Yes, practically speaking, the declaration of trust is commonly just called “the trust.” But technically, a trust is an intangible legal fiction. A “declaration of trust” is the document […]
What happens if a will is not signed in Florida?
A Florida last will and testament will not be probated or enforced if it has not been signed by the testator or by one of the required witnesses. In order for a last will and testament to be probated in Florida, the will must (1) be signed by the testator at the end of the […]
Does a living will need to be notarized in Florida?
No, a living will does not need to be notarized in Florida. However, it is often wise to have the document notarized anyway. Requirements of Florida Living Will The requirements of a living will are found in section 765.302 of the Florida Statutes. Those requirements are: The living will must be signed by the principal […]
Are no contest clauses enforceable in Florida wills?
What is a “No Contest” or “In Terrorem” Clause in a Will or a Trust? A “no contest” clause is a portion of a will or trust that punishes a beneficiary for contesting that same will or trust. Most commonly, a “no contest” clause cuts out anyone from the will if they sue to get […]
How do you move income into a Qualified Income Trust?
Income is moved into a qualified income trust by transferring the income into the trust bank account before the last day of the month. If you wait until after the last day of the month, the income becomes countable for Medicaid purposes. A qualified income trust (QIT) is used to help disabled individuals qualify for […]
Does a personal representative need to be a family member?
No, in Florida, a personal representative does not need to be a family member or spouse, as long as the personal representative is a legal resident of the state of Florida. Who can be named as personal representative? A personal representative, also commonly known as an executor, is in charge of your estate after you […]
Should you include funeral wishes in your will in Florida?
Yes, you should include your funeral wishes in your Florida will. But you should also communicate your burial wishes to loved ones in other ways. Wills often are not read until after the funeral, so they should not be solely relied on to communicate your funeral wishes. There is no prohibition on including your funeral […]