Page 32 - Southern Exposure - January '22

Page 32, Southern Exposure

Club news elder esTaTe Planning

Historical Seeds Last Will And Testament Verses

Of The Gardens Trust – How They Differ

Submitted by Anné Desormier-Cartwright, J.D.

Last Will And Testament person oversees carrying out the terms of the trust. A trust, in
The person signing the plainest terms, is a contract between the grantor and the trustee.
Last Will and Testament is The grantor transfers his property to the trust after signing
called a testator (male) and a it and now the trustee holds legal title to the property. Because
testatrix (female). A Last Will the grantor does not have any property directly in his name,
and Testament takes effect probate is avoided. At the grantor’s death, no court process is
upon the testator’s death and required.
requires a court process called As with the Last Will and Testament, the trust will also give
probate. The Last Will and instructions on how the grantor wants property distributed at the
Testament gives the court grantor’s death. We use separate documents to name guardians
directions on what the testator for minor children and dictate the grantor’s disposition of
wants to happen during this remains.
probate process. A Revocable Living Trust which the grantor can revoke
Probate could be very long and costly if a beneficiary does or amend at any time. Usually, the grantor names himself as
not agree with what the testator says in the Last Will and trustee and he carries on managing his property just as before
Testament, the case becomes contested and could result in a he transferred it into the trust. The Revocable Living Trust is
very long family battle. As with all court processes, the final most commonly used when the grantor is healthy and when
decision will be up to the judge and the testator’s wishes could public benefits are not a concern.
possibly not be honored. And since probate involves a court, These trusts are oftentimes more desirable than using a
the case, including the Last Will and Testament document, are Last Will and Testament because the trusts can avoid probate,
available for the public to see. offer some asset protection and taxation benefits, keep family
In Florida, the document will tell the court who the testator matters private, and allow beneficiaries to maintain eligibility
wants named as personal representative. Other states call for public benefits.
them executor. This person will find and notify beneficiaries, If you have questions about your estate plan and what
notify and deal with creditors, deal with banks and financial documents you should have in place to plan your estate,
institutions, attend court hearings, handle all the distributions schedule a free consultation today by calling our office at (561)
and accountings, may sell property as needed, and basically do 694-7827, Anné Desormier-Cartwright, Esq., Elder & Estate
everything needed to wrap up the testator’s affairs. Homestead Planning Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter,
property is not part of a Florida probate but will need to be FL 33458.
addressed in a probate proceeding to transfer the property to The content of this article is general and should not be
the heirs (your family members) free of creditor claims. relied upon without review of your specific circumstances by
The Last Will and Testament will tell the court who the competent legal counsel. Reliance on the information herein
testator wants to receive certain property. We use separate is at your own risk, as it expresses no opinion by the firm on
documents to name guardians for minor children and state your specific circumstances or legal needs. An attorney client
how the testator would like their remains disposed of. The relationship is not created through the information provided
Last Will and Testament could also create a testamentary herein.
Photograph by Katie Diets, courtesy Palm Beach Times. trust, such as when a beneficiary’s share is held in trust or the To comply with the U.S. Treasury regulations, we must
creation of a special needs trust for the surviving spouse or inform you that (i) any U.S. federal tax advice contained in this
On July 4, 1972, the city renamed Garden Boulevard other beneficiaries. newsletter was not intended or written to be used, and cannot
MacArthur Boulevard. Top photo, Mayor Walter Wiley reads A Trust be used, by any person for the purpose of avoiding U.S. federal
the proclamation to John D. MacArthur. Above, the street The person who signs a trust is called the grantor. Unlike the tax penalties that may be imposed on such person and (ii) each
sign at the intersection of Northlake Boulevard is revealed. Last Will and Testament, an inter vivos trust is effective during taxpayer should seek advice from their tax advisor based on
In a July 2, 1973, letter to Mayor Wiley, MacArthur stated: the grantor’s lifetime. The trust will name a trustee, and this the taxpayer’s particular circumstances.
“I had no interest in having a street named after me or I
would have done so when I named all the streets. I am not
a shrinking violet and am proud of the city’s skeleton which
I built. I think, if the future generations will approve of the
original concept and wish to recognize and perpetuate the
memory of the founder, I will be proud.”

For more seeds, see Images of America, Palm Beach
Gardens by Arcadia Publishing. The PBG Historical
Society’s mission is to collect, preserve and share the rich Upscale Resale
history of the Gardens.
www.PBGHistoricalsociety.org
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