Some Florida residents have the misconception that writing a will is unnecessary unless they are wealthy. This is in most cases not true, and people may benefit from having one in place no matter the size of their estates. Having a valid will can ensure that the testator’s assets are distributed to the intended beneficiaries instead of being subject to the state’s law of intestacy, which in some cases may produce a far different result than the one the testator had wanted….
There are several common mistakes that Florida residents make regarding wills. Some people fail to write one in the first place, either because they consider doing so is an arbiter of their death or they simply put it off, thinking it is something to do when they are elderly. Others write wills and then forget about them, failing to update them or review them despite having major life changes.
Making common errors with wills can lead to a long probate process and can risk how and to whom the person’s assets will be distributed….
While many parents wish to spread their estates equally among any adult children, this is often easier said than done. If one child earns more, it may be tempting to provide the other children with more money to protect their financial future. However, an unequal payout could lead to animosity between the surviving children.
Ideally, any estate plan will try to ensure that the children are treated fairly. For instance, if the family agrees that providing one child with a down payment for a home is warranted, there may be no reason to compensate the other children similarly….
Some Florida residents may be interested in setting up a trust for their beneficiaries. The type of trust that might be used varies. However, a trust is an effective way to care for loved ones if it is chosen carefully. An asset protection trust is one way the grantor could initiate trust planning so the assets intended for beneficiaries are protected. Such trusts are irrevocable, meaning that they cannot be revoked or altered. A third-party asset protection trust lets the grantor set up a trust that prevents creditors or ex-spouses from threatening the assets….
When a person dies in Florida, either a designated executor or a person appointed by the court will serve as the decedent’s estate administrator. During the preparation of their wills, it is important for testators to be careful when choosing an executor for their estate in order to make certain the person is competent, able and trustworthy enough to carry out the tasks involved.
After an executor has been designated or one has been appointed by the court, the court will issue letters testamentary, which allow the person to administer the estate….
Many people move to Florida to retire. As a result, Florida has become a national hotbed for probate and estate planning. Several Florida property owners seek to structure their estate plans in order to allow assets to pass more easily to beneficiaries with the advice of area law firms.
Some professionals suggest first creating a living trust and then transferring title of real estate from an individual to the estate. One must be wary of making a beneficiary a co-owner of the property, however, as they could potentially force sale….
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….
In Florida, after people write wills, there are sometimes changes in circumstances that necessitate making changes to the beneficiaries of the will. Sometimes people have a child after the will was written. In other cases, a person gets divorced from a spouse that was named as a beneficiary in the other will.
Whatever the reason that a change is needed, people sometimes forget that they need to change the beneficiaries in their wills. If they fail to do so, it can mean protracted probate fights or a person who should have inherited being left out….
Florida residents who are planning to leave an estate must follow the state’s guidelines on probate planning and estate planning so that their beneficiaries do not have to endure an estate dispute. Probate is a legal process in which the courts identify the decedent’s assets, pay the cost of the probate action, pay off his or her debts and distribute any remaining assets to his or her designated beneficiaries. The formal process of estate administration ensures that the probate of wills follows the state’s legal requirements….