SimplyTrust Knowledge Base

A: Separate property refers to assets you own individually, not jointly with your spouse. It remains yours, unless it becomes mixed with marital property—a concept called commingling. Here’s a general list of things can qualify as separate property. Assets owned before the marriage. Gifts given to you alone. Inheritances received individually. And personal injury settlements (in most cases).

A: Community property generally refers to assets acquired by a married couple during the course of their marriage. In community property states, both spouses are considered equal owners of these assets—each holding a 50% interest.

A: It's time to take note, especially if you're involved in estate planning. The Florida Probate Rules Committee has proposed amendments that might directly impact how you navigate the probate process.

A: Pretty much anything related to your pet’s quality of life. Food and treats (yes, the fancy salmon jerky counts). Grooming and boarding. Routine and emergency veterinary care. Pet insurance. Favorite toys and comfort items (e.g., thundershirt). Even burial expenses. And you can set limits. If Benny’s trust balance ever drops below a certain amount, Mia’s trustee will re-evaluate the care plan or move Benny to a relative with a simpler lifestyle.

A: If someone passes away without an estate plan, they are considered to have passed away intestate. In this case, the state uses a legal formula to distribute their assets. These formulas, called intestate succession laws, vary by state but generally prioritize: spouse and children, then parents, then siblings, then more distant relatives. There’s no consideration for close friends, unmarried partners, or charitable causes—no matter how central they were in the person’s life. Pets aren’t provided for either.

A: There are many benefits of trusts for small business. Continuity: A trust helps prevent business disruption when ownership changes hands. Avoiding Probate: Trust assets typically bypass the probate process, speeding up access for successors. Privacy: Trusts are private documents—unlike wills, they don’t become public during probate. Tax Planning and Liability Protection: In some cases, certain types of trusts may offer tax benefits or shield business assets from personal liabilities.

A: Funding a trust means putting assets into the trust. However, funding isn't the best option for all assets—for some assets, naming the trust as a beneficiary is a better way to go. Those assets include: retirement accounts, life insurance policies, Health Savings Accounts (HSAs), vehicles, and everyday checking accounts.