Writing a will can bring people in Florida peace of mind that their wishes will be known after they pass away. Creating a will is an important part of estate planning, but there are some life changes that make reevaluating and modifying one's plan a prudent course of...
While a will may serve the estate planning needs for most people, it may not be sufficient for everyone. Some individuals want or need more control over the distribution of their assets than a will can provide. In those situations, a trust can be a helpful tool. Some...
There are many different types of trusts that a person may establish. The trusts may be divided into two broad categories. Revocable trusts allow people who set them up to control the trust assets. These trusts can be amended or terminated at any time. Irrevocable...
Most people use wills to distribute the assets and property after death. However, sometimes a will may not have been updated to reflect changes in the person's family. In other instances, a descendant or surviving loved one may have a serious dispute with the will's...
An estate plan could fall apart if a beneficiary form is not filled out properly. For instance, failing to update a beneficiary form could result in a first spouse or deceased relative receiving assets. If a beneficiary passes on prior to receiving assets, a judge...
There are many advantages of setting up a trust in Florida. It is not something that is limited to those individuals who are wealthy. Meeting certain circumstances and having a net-worth of $100,000 or more is reason enough to look into the benefits of a trust....
Sometimes, situations arise in which a decedent who is not a resident of Florida passes away, and his or her estate owns assets in Florida. In order to allow for the inclusion of those Florida assets in the decedent's estate, the law allows for ancillary...
During their estate planning considerations, many people in Florida consider setting up a living trust in order to avoid probate and to provide for either themselves or for others while the trust creator is still living. A living trust can lend flexibility. Many...
When an estate enters probate, the court will appoint a personal representative to manage the assets. If the representative is an individual, that person must either be a Florida resident or a close relative of the decedent. A qualified and authorized bank or savings...
Among the primary reasons for probate in Florida is the satisfaction of the debts of the decedent. The personal representative of the estate is required to provide notice of probate to any reasonably ascertainable or known creditors. Upon notice, creditors typically...
