Over half of all adults in the U.S. do not have an estate plan in place. One explanation for this phenomenon is that many people simply don’t know how to get started with estate planning. This is understandable: estate planning can seem like a daunting task. The reality, though, is that creating...
7 Tips for Avoiding Probate in Florida
Probate can often be avoided in Florida when assets are set up with clear transfer instructions ahead of time. This court-supervised process is used to transfer assets when someone dies without those instructions in place. Tools like beneficiary designations, trusts, and proper titling allow many assets to pass directly to loved ones...
What Happens When You Die Without a Will
When one dies without a will, commonly referred to dying intestate, the laws of the state where the decedent resided at the time of his or her death determines what happens to that person's assets. In many states, where one dies leaving a spouse and no children, all assets go to the...
Marriage and Probate in Florida
One advantage of marriage in Florida is that it provides spouses with several legal benefits. One such benefit is related to probate, which is the process by which a deceased individual’s assets are legally transferred to his or her rightful heirs. When a married person dies, his or her surviving spouse is entitled...
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Different Types of Trusts
A trust is a fiduciary arrangement that gives a third party, called a trustee, the ability to hold assets on behalf of a beneficiary. Trusts are flexible instruments that can be arranged in many ways and can specify exactly how and when your assets transfer to beneficiaries. The primary benefit of all...
New York & Florida Probate: A Comparison
Clients often ask why they need to go through a probate process when someone dies leaving a last will and testament. The simple answer is that there needs to be a legal procedure whereby the ownership of assets is transferred from the deceased to his/her beneficiaries. Is probate something to be avoided? The answer...
The Different Types of Power of Attorney
A power of attorney is a powerful estate planning tool. However, there are several different types of powers of attorney, and each is used for different purposes. Therefore, before executing a power of attorney, it’s important to understand which option is best for you. In this article, we examine the different types of power...
Critical Provisions in a Commercial Contract
It is always a good idea for the business owner or executive to review one's company's contracts, to make sure they are current and contain important provisions. Of course, whether one is providing products or services, the description of what is being provided is a must, as...
The Pros and Cons of Beneficiary Designations
Clients are often encouraged by advisors at financial institutions to name beneficiaries on their savings and investment accounts; however, doing so is not always beneficial for everyone.
The primary advantage of naming beneficiaries on one’s accounts is that probate is avoided. At one’s death, the asset passes to the beneficiary simply by presentation...
Tips for Preventing Family Squabbles After a Death
A death in the family is always difficult. In addition to the obvious pain associated with losing a loved one, practical matters, such as who will inherit what property, sometimes create additional tension among family members. Although this is unfortunate, it is an extremely common occurrence following a loved one’s death. Luckily, with a...