Orlando Florida attorney Reed Bloodworth answers several trust & estate lawsuit FAQs (frequently asked questions) and issues. Families, friends, heirs, trust and estate managers–whether corporations or people–get into legal disputes over the financial decisions made affecting trusts and estates.
Trust & Estate Lawsuit FAQs
What is a Trust?
A trust is a financial situation created to hold property and assets for another party or parties who are called beneficiaries who are the actual property and asset owners. A trustee is a corporate or individual manager of a trust.
A trust is created for a beneficiary to prevent the assets and property from being taxed. Trusts are created for various reasons to provide a range of benefits. Multiple trusts can be created and people can appoint themselves to manage the trust. Each trust has rules that must be followed.
What is an Estate?
Whatever you own that holds worth is your estate. Investments, savings, property, real estate and other assets should be managed properly to build and maintain value for you and for your family. Estate planning is the formal planning, management and protection of those assets while a person is alive and providing for heirs in the future.
Objectives in managing and planning an estate involve the distribution and handling of these assets in the future. An estate is affected by state and federal taxes so minimizing taxation is included in goal setting. property will be handled and distributed. Thus, in this context, “estate” takes on a very broad meaning. Here are some questions and answers on trust and estate issues:
Q: Can a Florida trust or estate that leaves everything to a second spouse instead of children from a first marriage be challenged?
A: A Florida will or a trust that leaves everything to a second spouse instead of the children from a first marriage can be challenged in certain circumstances. If the second spouse unduly influenced the now deceased father of the children then the children may be able to challenge that will or trust. Additionally if the father lacked the mental capacity to execute the new estate planning documents then the children may be able to challenge the new will or trust. That’s why it’s important to consult with a Florida trust and estates attorney.
Q: Can a will be challenged if the testator was in hospice care at the time the will was made?
A: Quite possibly. If someone is in hospice care odds are they’re heavily medicated and they may be suffering from dementia or Alzheimer’s. This certainly would give rise to at least exploring an action for lack of capacity as to whether or not that person had the mental wherewithal to execute new estate planning at that time.
Q: Can one child be cut out of a Florida will by a parent based on information presented by another child?
A: A person is free to create a will however they like. If they would like to add someone to their will or disinherit someone it’s their choice as long as they haven’t been unduly influenced and they have the capacity to understand what it is they’re doing. Now if a parent disinherits one child as a result of the other child making false statements about them and perhaps unduly influencing that parent to some degree then the child who was disinherited may have a cause of action against the child that was making those statements.
Undue influence generally arises in situations pertaining to someone’s will or trust. Undue influence means that someone typically a family member or a caregiver has influenced the person who was preparing the will or the trust by some means. It can be a variety of things. It could be threats it could be just a fact that they may have a superior intellect to the other person. And convinces the person preparing the will or trust to either write them into the will or trust or perhaps disinherit someone from the will or trust.
Q: What is Undue Influence?
A: Undue influence generally arises in situations pertaining to someone’s will or trust. Undue influence means that someone typically a family member or a caregiver has influenced the person who was preparing the will or the trust by some means. It can be a variety of things. It could be threats it could be just a fact that they may have a superior intellect to the other person. And convinces the person preparing the will or trust to either write them into the will or trust or perhaps disinherit someone from the will or trust.