Florida residents may know that when trusts or wills are challenged successfully, it may result in the document being discarded by the court. The distribution of assets may then be made as if this document did not exist. Understanding how this may happen and learning how it might be prevented is important.
Challenges must be filed within a specified time limit for both trusts and wills. The deadlines differ by state and may vary greatly. Once the deadline is reached, however, it may prevent any future action from being taken in many states….
Creating a will is difficult for some people, and it may be tempting to not think of the document again after it is finalized. However, there are important times when Florida residents may need to reevaluate a will or make edits that reflect significant life changes.
Children, parents or siblings may inherit an estate when a significant other is not in a will, but a spouse may receive up to half of an estate if not mentioned in a will….
Estate planning is something that many families avoid, sometimes until it is too late. Others believe they have done enough, but minor details end up being a great hassle to heirs unexpectedly. It is a good idea for Florida residents to follow some simple guidelines to ensure that their estate is handled the way they expect it to be after their death.
One of the most common problems with an inheritance is a simple lack of understanding between parents and children….
There are two main types of trust that an individual may choose from when creating an estate plan. The first type of trust is referred to as a living trust, and its terms may take effect while a person is still alive. Alternatively, a testamentary trust may be established, which is part of a will and takes effect after an individual passes on.
A trust may be either a revocable trust or an irrevocable trust. Revocable trusts can be changed at any time, and the person who creates the trust can change its terms….
Most people in Florida may have heard of living wills, but they may be uncertain what the term means or whether it should be part of their estate plan. Essentially, a living will is used in order to allow makers to plan the type of care they wish to receive in the event they are incapacitated and no longer able to make decisions for themselves.
A living will allows the individual to decide in advance what types of medical care and treatment they are willing to receive….
Florida readers may wonder whether a will is sufficient to protect their assets for their heirs. Depending on a person’s assets and net worth, a trust may be a useful tool for estate-planning and asset protection. An individual with a net worth of $100,000 or more may benefit from a trust as long as at least one of the following conditions is met, according to a financial and trust planning expert.
A trust may be deemed appropriate if an individual and his or her spouse wish to maximize exemptions on their estate taxes….