For Florida parents with children under the age of 18, the naming of a guardian for minor children is an important part of an estate plan. Generally it is relatively simple to nominate a guardian and even though it may be difficult to talk about, a guardianship plan should not be put off. In this post we will address some common issues about establishing a guardianship for minors.
Before parents can select a guardian for their children, they need to consider the people in their lives who would be a good guardian….
While it is a good idea for all adults to have a will, there are certain times in people’s life when having a will becomes essential. If a person in Florida dies without a will, they are considered intestate, and not only will their assets be divided based upon state laws, if a person has children, the state will also determine who will raise them.
Therefore, it’s a good idea for people to update or create a will when they have children….
Florida music fans have likely heard about David Bowie’s death from liver cancer on Jan. 10. He passed away shortly after he turned 69 and released a new album. Although the details of Bowie’s estate plan have not been made public, it is known that Bowie had been interested in estate planning for some time.
Until the 1990s, Bowie struggled with his finances and nearly went bankrupt. A few years after he married Iman, Bowie pulled out of his financial trouble with the help of an investment banker….
Florida residents who are planning their estate might be interested in learning about health care advance directives. Besides expressing a person’s wishes for medical care in the unfortunate event they cannot speak for themselves because of a serious injury or illness, these legal documents have several other benefits, too.
When it comes to long-term health care needs, many people decide to plan for these needs once when they learn they have a life-threatening injury or illness. However, having health care advance directives is a good idea for healthy people to have in place, so that they can be prepared in case they one day become unable to think or speak for themselves….
A large number of Floridians put off planning their estate. When people do not plan, they can leave a lot of disorganization behind for their family members. There are some specific documents that are necessary to have in place in order to avoid confusion.
When a person owns property jointly, that property will automatically pass to the named co-owner. An example of jointly owned property is a house that a person owns with someone else….
Florida residents who are working on an estate plan may be interested to learn that a woman in Austria destroyed the equivalent of more than $1 million in cash in an effort to disinherit her heirs. However, it is much more difficult to disinherit family in Austria than in the United States, and the country’s central bank has said it will replace the funds the woman destroyed.
Austrian laws distribute the possessions of decedents to their spouse and children if they do not leave a will, and they are required to make provisions for spouses and lineal descendants….
If you are planning your will and establishing beneficiaries of your estate as assets, you might have heard the term “power of attorney” used a few times. All of the legal jargon can become confusing if you are not familiar with the terms, but this is an important piece of the puzzle if you would like to plan your will in Florida.
Though the requirements and rules fluctuate from state to state, a power of attorney is accepted in all 50 states….
Your will is one of the most important documents you will ever draft. It dictates what happens to your estate when you pass away and ensures the proper heirs are given their inheritance. Some residents in Florida may think writing their will is just a “fix it and forget it,” type of document. However, there are quite a few reasons why you may need to change it.
Your marital status is a prime reason you may want to adjust your will….
Considering the important role they play in allowing you to control how your assets are distributed after your death the legal requirements for wills are not as complex as you might imagine. All states, including Florida, have laws specifying the rules for testamentary capacity and legal capacity that must exist for a will to be valid.
Legal capacity in Palm Beach County requires that makers of wills be at least 18 years of age. The document must be in writing and it must be witnessed by at least two people….
Statistics show that the average middle income person in Florida around age 50 carries more debt than ever before. This can be a challenge when they pass away and their estate is divided. Though debt collectors cannot go after survivors to collect unpaid liabilities, they can get the unpaid funds from assets in your estate. If you have debt, any unprotected property is promptly sold to pay off the money that you owe. This can eat a deep hole into any inheritance that you were hoping to leave, or even wipe out your estate entirely….