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Estate Planning Archives

Estate planning questions after Prince's death

Florida music lovers were likely saddened to hear reports of the death of Prince on April 21. The 57-year-old singer was discovered unconscious in the elevator of his Minnesota home and declared dead shortly afterwards. There were no initial statements from Prince's representatives about what caused his death, but there have been reports that Prince was suffering from flu-like symptoms.

Preventing a child's spouse from getting an inheritance

Some Florida parents who are drafting estate planning documents may want a way to prevent their children's spouses from getting the money. Technically, leaving an inheritance to a child does not necessarily mean their spouse also gets the inheritance. However, if the two divorce, the spouse might be able to get a portion of the inheritance. This may depend upon the state they live in and whether it is commingled with marital assets.

Dying with no will in Florida

Florida residents who pass away without having a valid will are said to have died intestate. This means that the state will determine a number of things, including how the decedent's assets are distributed. When a person with children who are under the age of 18 dies without a will and the other parent is unavailable to care for them, the state will decide who will raise the children.

Ongoing will and estate planning to keep current

While many Florida residents understand the importance of drafting wills, they may not realize that once these documents have been written, certain events should prompt reviews and updates. Family circumstances and makeup change overtime, as do certain laws that may be applicable.

How to divide assets among children without conflict

Losing a parent is a difficult event for children of any age, and fighting between adult children could occur while everyone is upset and emotional. Parents in Florida who are planning on leaving behind an inheritance for their children can take steps to prevent or minimize the arguments siblings might have in such an event.

Components of a comprehensive estate plan

When Florida residents become mentally incapacitated or pass away, their estate plan determines what happens to any assets they own. The plan may also account for who raises their children or how medical decisions are made. An estate plan should contain a Health Insurance Portability and Accountability Act release, a will and a living trust. It should also include a power of attorney and a health care directive.

How estate executors can avoid costly mistakes

While it is a great honor to serve as the executor under a testator's will, the role carries many duties and responsibilities that must be strictly followed. Florida residents might benefit by learning about how to avoid some costly mistakes while serving as an executor.

Florida estate planning tips

Many Florida residents fail to complete estate plans, either because they don't think that they have enough property to justify it or because they simply don't get around to completing them. However, when people die without appropriate documents in place, they may leave their family dealing with a mess in addition to their grief.

The importance of reviewing and updating estate plans

Both tax laws and family circumstances often change after Florida residents have drafted their estate plans. While some people simply create their plans and then never review them, this can create unintended problems. It is important for people to review their existing documents and make changes as needed on a regular basis.

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