In Florida, when people die without leaving a will, probate courts decide who gets the deceased's assets and who acts as the estate's personal representative. This could also happen if a will is found to be invalid. The deceased is said to be intestate, and his or her assets will be distributed to heirs, but this only applies to assets that were owned singly by the deceased or that were jointly owned but did not have Read More
ROBIN WILLIAMS’ DEATH RAISES TRUST ADMINISTRATION QUESTIONS
Famed comedian Robin Williams passed away in August from an apparent suicide. Although his tragic death is raising a variety of social questions, some legal issues have also surfaced. Many in Florida and other states are asking about the future for Williams' family members, who will have to sort through his estate documents, which include at least two different trusts. It appears that trust administration will play a Read More
WHEN SHOULD YOU CONSIDER CONTESTING A WILL?
Challenging a Florida will is generally fairly challenging. Most estate litigation takes time and significant amount of evidence or documentation. Since the person in question is not available to clarify his or her wishes, the courts generally defer to the estate documents to govern the disposition of assets. However, some changes to estate plans may come about because of nefarious intentions on the part of third Read More
HOW TO GIVE AWAY YOUR CHILDREN, ESTATE IN YOUR WILL
What will happen to your kids if you die? Although this is an unpleasant thought, it is important to realize that documents designed to "give your children away" are a critical part of any set of estate planning documents. Determining the guardian you want for your children -- as well as the guardian of your estate -- can be an agonizing process, but it certainly is an essential decision. Too often, young families Read More
WHY ESTABLISH A SPECIAL NEEDS TRUST?
Estate planning can be a challenge for anyone, but it is particularly important for those who are leaving behind dependents or heirs who have special needs. Did you know that there are special types of trusts that can be set up to accommodate your loved ones' health needs? That is right, a Special Needs Trust -- and many other types of trusts -- can be set up to protect assets for those who need ongoing financial Read More
ESTATE PLANNING CAN GUIDE DISTRIBUTION OF YOUR DIGITAL ASSETS
What happens to your digital assets after you die? An increasing number of Florida residents are taking the time to address this concern in their estate planning documents, as the national debate rages about whether online accounts should die along with their users. A new movement among attorneys would allow family members to get immediate access to relatives' digital accounts -- unless the information is somehow Read More
DO YOU HAVE AN OUTDATED WILL OR ESTATE PLAN?
How old is your Florida estate plan? Experts say that even the ultra-wealthy – those with more than $500 million in net worth – often have estate plans that are at least five years old. It is important to remember that your estate planning documents do have a shelf life; they need to be reviewed periodically to ensure that they are still relevant and accurate. Financial experts say that estate plans should be Read More
SINGER LOU REED COULD HAVE USED A PRIMER ON TRUST MATTERS
Florida residents have almost certainly heard the Lou Reed song that instructs listeners to "take a walk on the wild side." It seems that Reed himself may have followed that example in his own estate plans. Would you believe that his estate already earned more than $20 million since Reed died in October 2013? Yes, that only counts income that arrived after the man's death. That is certainly a lot of money. Managing Read More
AVOID ESTATE PLANNING ISSUES AFTER ILLNESS DIAGNOSIS
Your probate and estate situation can change at any minute. Imagine being diagnosed with Alzheimer's disease, for example. What happens if your Florida estate plan is not prepared with a power of attorney or health care proxy to help provide for your care? Experts say that a diagnosis of such a devastating illness -- especially one that is almost certain to affect cognitive function -- should be a cue to update your Read More
TRUST MATTERS: CONSIDER IRREVOCABLE, REVOCABLE OPTIONS
Choosing the right trust for your Florida estate plan is not always the easiest process. With the variety of trust options available, you may be wondering exactly which type of trust administration tools would fit your estate needs. Experts say that those who are considering using trusts should consider a few key factors before deciding which type of estate planning document to use. First, you should examine your Read More
