Author Archive | Oakstone Law

Florida Family Trust Company Improvements On the Way

The Florida Family Trust Company Act Gets a Makeover

Making its way through Florida’s House of Representatives is HB 825, along with its companion bill in the Florida Senate, SB 568. This bill is informally known in Florida Bar circles as the Family Trust Company Act “glitch bill.” The glitch bill fixes a number of issues in the original FTC bill enacted June, 2014.

The glitch bill has been anticipated since before that enactment, and that expectation was the main reason for the Act’s October 1, 2015 effective date (more on this below). The following is a summary of key provisions of the glitch bill, which if enacted, would simply become part of the Florida Family Trust Company Act in its entirety.FL Family Trust Company Glitch Bill

(If you can’t see the entire post, click “Continue Reading” below).

Continue Reading →

Continue Reading

What *IS* a Trust Anyway?

As Estate Planners, we throw the word “Trust” around a lot but sometimes we make too many assumptions about people’s familiarity with the subject matter. Occasionally someone will stop us and ask a question like “What is a Trust anyway?”. This gives us an opportunity to get back to basics.

What is a Trust?

A Trust is a relationship between the Trustee and the Beneficiary.  The relationship is governed by a Trust Agreement (sometimes called a Trust Instrument) created by the trust creator (sometimes called a Grantor or Settlor).

A Trust is not a business entity like a partnership or corporation;  the Trust itself does not do anything.  It does not own things, it does not buy or sell, or pay or receive money.  Instead, the Trustee does these things on the Beneficiary’s behalf.

Consider:

  • A corporation or LLC can buy property, open a bank account, enter into a lease agreement and take legal action in court.
  • A Trust does none of these things, because it is a relationship.  Instead, the Trustee does these for, and on behalf of, the Beneficiary.

Continue Reading →

Continue Reading

What Is A Personal Representative and What Are Their Duties?

So, your Uncle John asked you to be the executor (or, in Florida and a few other states, a “personal representative”) of his will, and you agreed. You’re honored that he trusts you to handle the job, and you want to make sure everything is done right for him. But do you know what all of your responsibilities will be upon his death?

Continue Reading →

Continue Reading
Client Payment Page
Need to pay a bill? Now it’s faster and easier to pay a bill. It’s secure safe and easy

Oakstone Law
1415 Panther Lane, Suite 439
Naples, Florida 34109
Tel: 239.206.3454