The Last Will and Testament is a powerful tool for expressing a person’s last wishes. With it, a decedent can declare who gets his assets, name a guardian for his children, and even provide directions about how he’d like them to be raised. One of the most important powers that a will provides, however, is the power to name an executor to oversee the settling of his estate. If you’ve been named as … [Read more...] about Serving as the Executor of a Will: Get the Facts About Your Duties
If there is anything that can rival the tragedy of losing a loved one, it is the confusion and family strife that can occur when that loved one failed to provide a proper estate plan. Contested wills, arguments over the distribution of assets, and a host of other conflicts can emerge in the absence of a sound and enforceable legal plan. Obviously, you don’t want your eventual death to tear your … [Read more...] about Planning a Will: Avoiding Confusion and Conflict with an Estate Plan
When it comes to effective estate planning, there are few components more essential than a person’s last will and his living trust. Without at least one of these two planning vehicles, an individual’s assets will end up being apportioned by the state in accordance with whatever intestate laws are in effect at the time. Obviously, no one with any sort of transferrable assets wants to see that … [Read more...] about Wills vs Trusts: Which Option is Right for You?
Sometimes a client who is thinking about the possibility of going to a nursing home will ask me if the nursing home will get half of their assets. The real answer is it depends on the situation and whether or not you have planned ahead. If you are a single person and need Medicaid help to pay for a nursing home you must spend down your assets until $2,000.00 remains. How one spends down to qualify … [Read more...] about Does the nursing home get half of my assets?
A Last Will and Testament is typically the first estate planning document executed when creating an estate plan. Although some people choose to use a Will to distribute their entire estate, most people prefer to incorporate additional estate planning tools and strategies to create their estate plan. One reason for this is the desire to avoid probate because of the costs involved in probating an … [Read more...] about What Is a Pour Over Will?
A trust is one of the most popular additions to any comprehensive estate plan. Before you can decide if a trust is right for you estate plan, however, you need to understand how they operate and which type of trust is best for which type of estate planning goal. For example, when should you use an irrevocable living trust? The best way to determine which type of trust is best for your estate plan … [Read more...] about When Should I Use an Irrevocable Living Trust?
When you think of creating an estate plan you likely think of a Last Will and Testament. While your Last Will and Testament will undoubtedly serve as the foundation for your comprehensive estate plan, it should not be the sum total of your plan. On the contrary, a variety of estate planning tools and strategies may be incorporated into your plan in order to achieve all of your estate planning … [Read more...] about How Wills and Trusts Work Together
Wills and trusts are probably the two most commonly created estate planning tools today; and for good reason. A good last will and testament provides a range of options and protections, while a good trust or two provide similar benefits. But, when you use the two tools together, they often compliment and enhance the protections provided by each. Understanding why a will and a trust are so … [Read more...] about Why, and How, Wills and Trusts Work so Well Together
If you live in Florida and have decided to make 2016 year you finally get started on estate planning, your first step will likely be making a will. Many people begin the new year by deciding to finally get a start on their estate planning efforts. The first step in this process is typically making a last will and testament, though there are many other steps involved in making a comprehensive plan. … [Read more...] about Get Started on Estate Planning in Florida by Making a Will
Choosing the right person to serve in the all-important role of estate executor is one of the more important decisions you have to make when you create a last will and testament in Florida. Also known as a personal representative, your executor has to be able to perform several duties at once. Not only will the executor have to look after the estate property you leave behind, but he or she will … [Read more...] about Deciding Between Single and Co-Executors in Port St Lucie Florida