Legal Question in Wills and Trusts in Florida

Re: beneficiaries

You may leave your entire estate to anyone you please. You do not have to leave your children anything. Trust is good idea to keep spendthrift/unstable parents from squandering your hard-earned estate.

Re: beneficiaries

You can achieve your goals in a variety of fashions. All property can be left to the grandchildren to be held in trust by a family member or other individual including a bank or professional that you have confidence in. You can set up a living trust or declare a trust in your last will and testament. This would require meeting with a comptetent attorney to devise your estate plan. Alternatively, you may choose to set up totten trusts with your financial institution and brokers which means that the accounts will be titled in your name ITF (in trust for) the beneficiaries (your grandchildren). This is very common and simply involves a change in the title to your account(s) and is handled by the individual institution(s).

Please remember that I do not know the value of your estate and you must keep in mind the tax laws of inheritance. I strongly suggest that you meet with an attorney who can advise you of all consequences of your actions prior to making any changes.

Scott R. Jay, Esq. 305-249-8000