By Julia L. Frey. One of the most important decisions one can make when setting up a trust for a child or other loved one is determining who to name as the trustee. It is a job (not a cake-walk) that requires dilegence, an understanding of the fiduciary responsibilities and an understanding of what the grantor’s intent is for distributions under the Trust. Over the years I have seen family members or friends named as trustees who have not understood the depth of their role or were not capable. In one case, a family came to me after a family member stole all of the trust money to feed his drug habit, leaving the beneficiaries without any recourse as he had no means to repay the stolen funds. Corporate trustees or co-trustees are often the answer to avoid such problems. A just read a recent article in Worth Magazine by Patrick Kenefick with Neuberger Berman that was right on point so I commend it to you for your reading. http://worth.com/index.php?option=com_advisors&id=2005&view=single
How not having a Will can wreck a family.
By: Julie Frey
I have long talked about how important it is to have your affairs in order, while you have the ability to do so. I am a WMFE 90.7 fan, loyal listener and am currently serving as Chair of the Board. A few nights ago on my way to the airport to pick up my son from college I was listening to “On Point” on WMFE. The show was about a family whose mother did not have her durable power of attorney or health care documents in order and then got ill. The family members then fought over how to care for their mother. When the mother died, with a modest estate, the family then continued to bicker about the possessions and the small amount of money left to distribute. The end result was a family divided. A family who does not talk to each other. These rifts sometimes never heal. While thinking about one’s mortality is not fun, leaving a mess for those left behind is not a good legacy either. Talk to your estate planning attorney who can help you prepare a plan that meets your needs and helps keep this from happening.
Female Breadwinners Can’t Have it Both Ways
More and more, the “traditional” views of men and women are challenged in the context of family law proceedings. Whereas it was historically implied the mother would have majority timesharing with children, and the father would pay support to the mother for herself and the children as a result, today each case is very different because of the prevalence of both parents working, often with the mother serving as the primary breadwinner for a family. Further, fathers are requesting and exercising equal timesharing with their children on a regular basis. The following article is an interesting look at this topic with a celebrity spin – http://time.com/3524843/halle-berry-gabriel-aubry-child-support/#3524843/halle-berry-gabriel-aubry-child-support/
When Should You Make A Will? Julie Answers Question on FOX News
By: Julie Frey
Today, I was given the opportunity to appear on Fox 35 News Good Day Orlando and answer commonly asked questions about wills in an interview with Ryan Elijah. Fox reported that although it’s essential to legally protect your loved ones and even your assets, it turns out that 64% of us don’t have a Will. That is a shocking number because if we don’t create a Will, our families will be the ones to suffer. I tell my clients that as soon as they own anything, such as a bank account, a house, a car, they should create a Will. I have witnessed situations where a person did not create a Will in time and it left the family in disarray, which we helped to sort out. I have also seen situations where a person drafted their own Will through a form but did it incorrectly, so the Will was invalid, and the intended beneficiaries did not inherit the assets. In one case, the assets went to the State of Florida. To watch the video, click here. Thanks Fox 35 News for covering such an important topic!