Estate planning is a great way to ensure that your beneficiaries are cared for after you are gone. However, some loved ones may not be in a position to responsibly handle a large inheritance—particularly those loved ones who struggle with substance abuse problems. Fortunately, there are estate planning options available for families...
What to do Upon the Death of a Loved One
Knowing what to do when a loved one dies can alleviate some uncertainty and anxiety. Death certificates will be needed for each asset owned, as well as for filing(s) with governmental agencies. If the decedent was collecting a pension or social security, the appropriate...
An Overview of Probate in Florida
Probate is the court-supervised process of administering a deceased person’s will. Although probate sometimes leads to litigation, the majority of probate cases are purely administrative. In other words, in most cases, the court simply supervises the probate process to ensure that the law is followed and that the wishes of the...
Can an Estate’s Personal Representative Be a Beneficiary?
When a person dies, his or her assets and property are typically passed along to beneficiaries through the probate process. In Florida, a personal representative is the person responsible for managing a deceased individual’s probate estate, paying creditors, and distributing assets to beneficiaries of the estate. A question that often comes up...
SOME TIPS ON GETTING YOUR AFFAIRS IN ORDER
There are a number of relatively easy steps which can be taken in order to simplify your estate plan, thus saving time and money for you and your family.
It is not uncommon...
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The Importance of a Durable Power of Attorney in Florida
A comprehensive estate plan consists of several estate planning documents. One key estate planning instrument is called a durable power of attorney. A durable power of attorney gives a person the power to manage another’s financial affairs. Typically, the person who creates a durable power of attorney is called a principal, and...
How Does Divorce Affect an Estate Plan in Florida?
Divorce can affect your life in several ways. However, one thing that people often overlook about divorce is the effect it can have on one’s estate plan. To put it simply, estate plan changes are almost always required following a divorce. In this article, we examine how divorce affects an estate plan...
The Dangers of Doing a Life Estate Deed
Clients are often interested in doing a life estate deed as part of their estate plan. What is a life estate deed? It is one where the owner of the real property transfers the property to his or her children (or other family members), reserving the right to reside in...
I Just Moved to Florida: Should I Update My Estate Plan?
Over the last several years, people have been flocking to Florida in droves. This is no surprise; after all, there are many advantages to living in the sunshine state. However, one thing that many people overlook when moving to a new state is estate planning. Therefore, after moving to a new state,...
ESTATE PLANNING WITH TIME SHARES & VACATION HOMES
Most people are unaware that having a time share can create estate planning problems. Time shares are typically considered real property, and the ownership is evidenced by a deed. As such, they are considered an asset for estate planning and tax purposes. They are used as vacation homes and...