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,...
Preventing Elder Exploitation with an Estate Plan
Elders are at high risk of being financially exploited by criminals. Conditions that are common among the elderly, including cognitive impairment, make them less able than others to identify when others don’t have their best interests in mind. Fortunately, it is possible to lower the risk of elder exploitation through the estate...
REVOCABLE & IRREVOCABLE TRUSTS: A COMPARISON
Clients often ask to have a trust prepared, not knowing the differences between a revocable trust and an irrevocable trust. One of the most important questions to ask oneself when undertaking trust planning is what your goals are. Are they to avoid probate, to protect assets from creditors, or to...
Reasons to Avoid Probate in Florida
If you fail to create an estate plan, your assets will likely have to go through the probate process after you pass away. Probate is a court-supervised process by which your assets are distributed to your heir and creditors. Unfortunately, probate has many downsides, which leads many people to take steps to...
Common Problems That Can Arise During Florida Probate
Probate is a court-supervised process that transfers a deceased person’s assets to his or her beneficiaries. Although it is possible to avoid the probate process by creating an estate plan, not everyone chooses to do so. And, unfortunately, it is not uncommon for problems to arise during probate. In this article, we...