Our firm frequently advises on clients on matters of Estate Planning. One of the most important questions is whether a client needs a Simple Will, a Will with a Support Trust, or a Revocable Living Trust.
While most people think about wills or trusts when planning their estates, it is important for them to also plan for the possibility that they may suffer an illness or injury that will leave them unable to make decisions while they are still living. There are several different ways people can plan for incapacity so that someone else can take care of certain matters on their behalf.
Some Floridians might wrongly believe that wills and estate plans are only required for people who are rich. However, all people, regardless of their income level, may benefit by having a will in place. Without a will, the person's estate will have to go through the probate process in order for their assets to pass, and their assets may pass in a manner that the person would not have wanted.
Florida residents may be interested to learn that on March 30, a probate judge ordered attorneys to take eight weeks to sort out issues related to money and property awarded to his widow and three adult children. Attorneys for Williams' third wife say that the negotiations are amicable and that what she is asking for is a fraction of the overall estate.
As Florida residents may be aware, blending two families may come with its own financial considerations in order to provide not only for the new spouse in the future, but also to protect the children of both. Unfortunately, making new arrangements for this protection may be overlooked and have consequences should something happen to one spouse unexpectedly.
While many people associate writing wills in Florida with aging, the reality is that some types of wills can be useful at any age. Although younger people are less likely to overly concern themselves with the possibility of death, accidents and terminal illnesses have little regard for age, and it may someday be necessary for someone else to make decisions on a young person's behalf. Living wills can be beneficial in such circumstances.
Florida residents may know that setting aside time to structure a viable estate plan allows an individual to provide security for his or her loved ones. It's important to plan for others to handle one's affairs in the event that one is incapacitated or dies.
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. However, even a basic trust plan can be complex and expensive, so it is important to evaluate the situation before making a decision.
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 administration of the assets by a foreign personal representative acting on behalf of the estate.
Trusts have long been an important part of many Florida estate plans. The trust instrument has evolved to include specialized forms for all sorts of specialized situations, but the living trust continues to be among the most popular and useful of estate planning devices. A living trust, also known as a revocable trust, revocable living trust or inter vivos trust, is created during the life of the grantor. The trust may be created for any number of reasons, but two of the most common are asset management and avoidance of probate on death.