Ascertainable standards of Irrevocable Trust: I am a lifetime income beneficiary of a trust which allows for distributions from the principal to be given out according to ascertainable standards. Can ascertainable standards be applied to my personal credit card debts or to pay off a loan on my home? Thank you.
Joshua's answer: The terms of this trust will dictate whether distributions can be made by the trustee. Given your summary, it appears that a trustee has the authority to determine if distributions will be made. If that is correct, then you can request distributions from the trust; however, you likely cannot compel those distributions unless the trust specifically authorizes a withdrawal right. In addition, many Florida trusts include a spendthrift provision that protects trust assets for a beneficiary from his or her creditors and the like. That does not mean that distributions cannot be made to satisfy a beneficiary's creditors; only that they likely cannot be compelled. You should consult with an attorney who can read the entire trust instrument to determine what rights you have to request or compel distributions from the trust.
I have a revocable living trust with my house in trust and I have minor children at the time of my death can the house be sold?: I have a revocable living trust with my house in trust and I have minor children at the time of my death can the house be sold?
Joshua's answer: The law governing the disposition of your homestead at the time of your death is complicated and can overrule your wishes in your Revocable Trust. Generally, you are not permitted to devise your homestead if you are married or have minor children (unless your home passes to your spouse at the time of death). If you are unmarried at the time of your death and your children are minors, your home will be held in guardianship for their benefit. It can be sold with court approval. Your children's guardian could petition the Pinellas County Guardianship Court to transfer your homestead into your Trust after your death as well. You should consult with an attorney in ensure that your wishes are met at the time of your death.
The best way to appoint a guardian for my children in the case of mine and my husbands death/incapacity?: I've been researching for hours now, but everything is so confusing. My husband and I just want to make sure that our children are taken care of, but we have problems with his side of the family. We would like to appoint guardians for our children, and they have already agreed that they would do it, but from what I've read my husbands parents could petition also and potentially get the children. Is there any way to make sure that the children go to the ones we want them to go to? Also, we have a large amount in life insurance and retirement, plus our belongings. What would be the best way to make sure that our guardians we chose can use these resources to care for the children? Any information would be great! Thank you.
Joshua's answer: You and your husband should establish a Will or Revocable Trust to set forth your wishes for your children. Your Will can name your choice for guardianship for your children, to which the Court will generally give deference. However, as the other author notes, the Guardianship Court will ultimately determine who will be named as your children's guardian. Your Will or Trust can establish trust terms with a trustee you name to manage your financial resources for your children. Generally, trusts are not supervised by a Court, although a Court can become involved if necessary.