Posts tagged "Estate Planning And Probate"

How divorce can impact an estate plan

Getting divorced in Florida could make it necessary to make changes to an estate plan. Generally speaking, a divorced individual will want to make sure that his or her former spouse is no longer his or her health care proxy. The same is true as it relates to a financial power of attorney. Instead, a friend, family member or trusted professional should have these roles going forward.

Update beneficiaries to reflect current estate plans

People in Florida may create a will in order to make sure that their assets are passed on to their loved ones after their death. Making a will is an important part of creating an estate plan, but it does not reflect the whole picture. There are other important steps that a person can take in order to make sure that their assets are handled according to their wishes. Beneficiary designations can be some of the most important yet simple options for people to check.

Questions to ask during the estate planning process

Florida fans of Marvel Comics legend Stan Lee may be aware that in the final years of his life, there was some controversy. For example, he reported that $1.4 million was stolen from his bank account to buy a condo. He also ran into a conflict with his daughter. Lee signed a document saying she had befriended men who wanted to defraud him, but then he took it back.

Using joint ownership to avoid probate

Many people in Florida are interested in how to avoid probate when thinking about how to plan for the future. They want to be able to provide their heirs with direct access to their assets without having to go through a court procedure. There are a number of ways that property can be transferred outside of the probate system, but one of the most commonly used is joint ownership. For example, many people own their homes jointly with their spouses with a right of survivorship. If one spouse dies, the other owns the home in full without going through probate.

Creating a will that avoids family disputes

A will can be a point of contention among surviving loved ones, especially if it has not been properly drafted. Florida residents who want to have an effective estate plan should make sure that they include a will that clearly expresses their wishes and leaves no room for misinterpretation.

Why estate planning is important for all adults

Florida adults can benefit from an estate plan even if they do not have a large amount of assets. One important reason to have one is in the event of incapacity. Estate planning documents can appoint people to take over health care decisions and financial matters for a person who is unable to do so. People might also want to purchase some kind of long-term care insurance.

Addressing a child's immediate needs in an estate plan

While many Floridians are aware of the importance of long-term estate planning, some may also want to think about including special details in these documents that would cover more immediate concerns. An estate plan itself can be critical in order to reduce probate fees and delays, lower the estate tax burden and provide a sense of security for loved ones and beneficiaries. Making an estate plan does not need to be complex or costly, but it can save a significant amount of time, money and hardship in the long term.

Choosing the right people for an estate plan

People in Florida who are planning for the future may want to pay close attention to the people that they name to carry out plans for their estate. By naming trusted people and close friends and family, people want to honor their connections with those they hold dear. However, it is important to consider competence and knowledge as well when choosing people to act for a person as part of an estate plan.

Valuable collectibles and estate planning

It may be important for some people in Florida to include valuable collectibles in their estate plan such as art, stamps, antiques and even some alcoholic beverages. There could be several complications associated with these items in an estate plan including valuation and the fact that family members may be unable or uninterested in keeping some items.

Developing an estate plan for the future

When it comes to planning for the future of assets, estate planning is a key tool in achieving the desired outcome. Developing a plan can be important whether one's assets are large or small. By doing so, an estate owner can help to protect their privacy and security while establishing a greater sense of control. When Florida residents don't have an estate plan of their own or even a will, their assets are left to be distributed according to state law. Despite the fact that many people envision what they would like to see happen with their affairs, 55 percent of Americans do not have a will.

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Rachel Rall, Attorney at Law, P.A.
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