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As the Florida appellate court pointed out, "[w]e cannot rewrite Florida probate law to accommodate a Michigan attorney more familiar with the Uniform Probate Code." [ 4 ] The Uniform Law Commission does not list Florida as one of the states that has adopted the Uniform Probate Code.
Furthermore, if trustee exercises "significant influence over the beneficiary and from which the trustee obtains an advantage" in a transaction, even if it does not concern trust property, the trustee can be held liable for violating his or her prime duty of loyalty to act solely for the trust and its beneficiaries. [56]
Additionally, the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform Trusts Act of 1937). [2]
Florida provides two ways to settle small estates without going through the often time-consuming and costly process of probate. A procedure called Disposition of Personal Property Without ...
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Personal trust law developed in England at the time of the Crusades, during the 12th and 13th centuries. In medieval English trust law, the settlor was known as the feoffor to uses, while the trustee was known as the feoffee to uses, and the beneficiary was known as the cestui que use, or cestui que trust.
The spendthrift clause has three general exceptions to the protection afforded: the self-settled trusts (if the settlor of a trust is also a beneficiary of a trust), the case when a debtor is the sole beneficiary and the sole trustee of a trust, and the support payments (a court may order the trustee to satisfy a beneficiary's support ...
The trust needs to be drafted by a lawyer “who’s experienced with the rules for leaving IRAs to trusts,” says Choate. Without highly specialized advice, the snarls can be difficult to ...
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