Most people under the age of 40 consider estate planning something to be done “someday”. They hope that they will live a long and healthy life. The reality is there are no guarantees. Your estate plan is similar to a hurricane preparedness plan. You should have one in place so when the storm or disaster strikes, you are ready.
With summer quickly approaching, if you are preparing to travel, don’t forget these important legal documents you need to include in your suitcase. We never think an accident or illness will happen while away from home. Are you prepared? There are two legal documents you will want to have a copy of in case of an emergency.
A commonly asked question is, “Should I own my homestead in my trust?” Generally, the answer is, “No.” This is not because of your ad valorem homestead exemption or even your Constitutional protection from the claims of creditors. It is not because we don’t want you to avoid probate.
Bob and Kate are an unmarried couple, neither of whom have children, and who live together in a home owned by Bob, individually. Let’s say Bob dies. The good news is he has a signed will. The bad news is he prepared the will himself, without consulting an attorney. The will leaves his home to Kate, who intends to continue living there just as she has for many years.
The scenario: Hank and Janice were married, had a daughter together, Elsie, and then got divorced. Hank died intestate, without a will, so pursuant to Florida law, Elsie was the beneficiary of his estate.
What is a trust? Anytime legal terms start to be used, it is easy to get confused, especially with words that have other meanings in our day to day conversations. In this instance, a trust is a legal entity, similar to a corporation, which can own assets like bank accounts and real estate.
The answer is NO. When a person dies leaving a Will and/or Trust, the nominated Personal Representative or Successor Trustee is not obligated to use the attorney who prepared the documents to administer the estate and/or trust.
For many, the New Year comes with New Year’s resolutions. If you have not completed your estate planning, or have not updated your planning in some time, doing so would be a good resolution to have. You might be surprised to know, estate planning does not simply mean having a plan for what happens in the case of your death.
When you own and operate a business, your Buy-Sell Agreement is probably the last thing on your mind. It’s something your business attorney drafted years ago and most likely you have not thought about it since. Or, maybe you don’t have one at all! Just like your personal estate planning, having an estate plan for your business is very important.
The law firm answer…..it depends. Did mom leave written signed instructions? If she did, her personal property will be distributed according to her wishes. But if she did not let her wishes be known in a comprehensive estate plan, there could be dissention among the heirs.
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