An introduction to trusts and estate planning under Florida law.
Written in 2006; 1,418 words; 5 sources; APA; $ 47.95
Paper Summary:
This paper defines the probate process and explores the issue of trusts, both crucial parts of estate planning. The paper explains the importance of trusts as well as the three main types of trusts under Florida law.
Outline:
Defining and Establishing Trusts
Laws of Probate, Taxes, and Accounting
From the Paper:
"In Florida, Herbert married Eloise--his housekeeper--and revoked the previous trust. According his new trust, his wife was the sole trustee. He died at age of 85. After his death his niece applied to the court. The Florida court held that "although Herbert was competent, the new Will and the revocation of the trust were both procured by undue influence of the housekeeper" (Lipman, 2002.). Both the pour-over will and his previous living trust were still in effect. The court held that according to Florida law "a marriage to which the consent of one of the parties is obtained by undue influence is merely avoidable and cannot be attacked upon that basis after the death of either party" (Lipman, 2002). Florida law also supposes that then a person marries after he or she has made a trust, and in case a spouse survives the testator, he or she has the right to get a share of a testator's estate equal to that amount the spouse could get in case his or her spouse died without any Will or trust."
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