In the last two blogs, we covered the lack of legal rights that unmarried cohabitants have in Florida, including the rights to receive probate assets at one partner’s death without a legally binding will. The lack of probate rights extends to children of your domestic partner, even if you raised them together. A child of two domestic partners may have legal rights to inherit property if you … [Read more...] about Florida Law and Unmarried Domestic Partners: Part 3 of 3
Tip 1: Consider your own desires. There are any number of charities that serve any number of worthy causes. Will you give a donation to your local religious organization, your alma matter, a charity that aids in medical research, an international organization that assists children in developing nations, or a combination of groups? The available choices are endless. If you're having difficulty, … [Read more...] about Choosing a Charity For Your Estate Plan – 3 Tips
If you die with a written will in Florida, you die testate, and your will dictates who inherits your property. If you die without a will, your state’s intestacy laws govern the disposition of your probate property. The Florida Statutes provide an order of priority establishing who has a right to receive your property when a decedent dies without a written will. A personal representative or named … [Read more...] about An Overview of Florida’s Probate Procedures: Part 1 of 3
Before we discuss what happens to payable on death accounts following someone’s passing, let’s define what this process is. A payable on death (POD) account is an instrument that is designed by banks and credit unions. They provide a form for account holders to fill out in order to list beneficiaries who will receive funds upon their passing. These funds are transferred immediately when a death … [Read more...] about What Happens to Payable on Death Accounts Following Someone’s Passing?
In most cases, people expect to live comfortable off their retirement while expecting to leave portions of what is left to those listed in wills. Why would this not be an expectation considering how hard people work to build up assets and gain property throughout their lives? If this sounds like you, and you are concerned about the assets and properties you have accumulated, consider legacy … [Read more...] about Ways to Avoid Probate Nightmares Part 1
It is not uncommon to find veterans who do not know they, as well as some of their family members, are eligible for Veterans Aid & Attendance (Veterans A&A) benefit programs. This is surprising to most who find out. These benefit programs provide low-income veterans (those ages 65 or older) with financial assistance if their service occurred during specific wartimes. Other family members, … [Read more...] about Who is Eligible for Veterans A&A?
Before we begin, let’s talk about what a pay on death account is (otherwise referred to as POD). These don’t need to be just checking or savings accounts, mind you; they can also be retirement plans, stocks, bonds, securities and pensions. These designated accounts act as a probate avoidance tool. It is simple to set up pay on death accounts. In most cases, all you have to do is fill out a form … [Read more...] about How to Set up Pay on Death Accounts
One of the goals of estate planning is to ease the burden of your passing on your loved ones, while facilitating the distribution of your property. You always hope that your family will understand and accept your wishes, but family dynamics and emotions can get the better of them. Estate litigations, such as contesting a will or disputing a trust, can not only tie up assets, but lead to more … [Read more...] about Reducing the Risk of Estate Litigation