The idea of ceding control over certain parts of someone’s life may not seem like an attractive idea, but there are some cases where it is best to have an individual ready to represent them. If an individual is unable to manage their own business affairs or finances, such as due to a medical issue, the court may end up appointing someone to do this, which means that an individual could end up with a person they’ve never met making important choices for them….
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….
Florida users of social media may be interested to learn about the new legacy contact feature Facebook recently rolled out. Following years of criticism from family members about their inability to access deceased loved ones’ accounts, Facebook has developed a feature that allows those with a profile to designate someone who can control the account after the owner’s death.
Upon death, the legacy contact is able to download an archive of the deceased person’s profile and photos. He or she is not able to log in to the account, however….
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….
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….
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….
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….
Details matter when it comes to many things in life. They also matter when it comes to death and estate planning implementation in Florida and elsewhere. Even small mistakes can result in serious consequences when it comes to estate administration. It can even cause intended beneficiaries to not receive their inheritance.
This is what happened with one woman who made a simple administrative mistake in her estate plan. She created a trust stating that all of the assets in her estate should be given to her children….
Most estate planning strategies are aimed at leaving the largest amount of assets as possible for intended beneficiaries. This is why many people in Florida are utilizing Roth IRAs in their estate planning. Although avoiding taking any distributions from traditional IRAs can help to save money for the next generation, many times, at a certain point, it makes sense to partially convert to a Roth IRA if one is aiming to reduce income tax liability.
The problem with traditional IRAs is that they force a person to take out minimum distribution amounts once the person has reached 70-1/2 years of age….
Estate planning is an important step for Florida families. However, it is important that estate planning be approached the right way and done correctly. The correct approach to estate planning will differ from case to case, based on the individual needs of the family at that time. These plans can be adjusted over time as needed.
One of the first steps to take in estate planning is to have a will. This is a basic step and is not necessarily all that should be done, but it provides a basic protection for heirs and beneficiaries in the event of an unexpected death….