ESTATE PLANNING IN MIAMI BEACH, FLORIDA, MY CLIENT DIED, WHAT HAPPENS NEXT?
As an estate planning attorney in Miami Beach, Florida for over twenty-six years, I sometimes experience the death of a client. The death of a client is never easy. Each client is unique and special to me. I recently lost one from cancer and am still sad; my heart goes out to his loved ones and family. The bright side is he was able to communicate his wishes, complete his estate plan, fund his trust, and avoid Miami-Dade County probate court involvement!
WHY IS FUNDING A TRUST SO IMPORTANT?
Funding a trust is so important. It allows the trust to be managed privately. The family and assets are kept private. Most importantly, with a properly funded revocable trust, probate court involvement is not needed; thus, saving the beneficiaries time and money.
WHAT ARE THE STEPS FOR THE FAMILY AND THE TRUSTEES?
Once the death certificates are received, assets may be collected or distributed to the beneficiaries depending on the trust wording. If there are paid on death beneficiaries for life insurance or bank accounts, these may be collected by the adult named beneficiaries directly by providing proof of identification and a certified death certificate. Trust assets may be distributed or kept within the trust.
DO WE NEED TO CHANGE ALL THE ASSETS?
If assets are held in the name of the trust, they can stay there. The successor trustee can then distribute the assets according to the trust documents. If there are minors involved, separate trusts may be set up for their protection.
HOW DO WE HANDLE THE REAL ESTATE?
The real estate may remain in trust as well. Sometimes, the beneficiaries wish to keep it and get income from renting the property. Other times, they may want to sell and cash in on their share. A third option is for the beneficiaries to enjoy the real estate for their own use. In addition, special requests by the grantor, the person creating the trust, may be stated within the trust itself.
WHY SHOULD YOU USE ALLY M. GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH,FL AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach Estate Planning, Wills and Trusts and Probate Attorney in Miami Beach, Florida with over twenty-six years of experience and both a Psychology and Law degree, I handle these matters with knowledge and sensitivity. I am familiar and comfortable with both the Miami-Dade probate court system and Broward County probate court and know how to get things done. Additionally, because I do both estate planning and probate law, I am familiar with the challenges of each and provide my clients with additional protections. Call or email me today to discuss your Miami Beach, Florida Estate Planning, Wills and Trusts and Miami-Dade County, Florida Probate matters. I am happy to help you and your loved ones during this important process.