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August 2016 Archives

What is a dynasty trust?

Setting up a trust can be a very wise decision for people who wish to retain a little more control over the distribution or use of their assets in the event of death or incapacity. With a trust, you can set limits on payouts and direct trustees on various types of decisions, which can provide considerable peace of mind for those involved.

Not all guardianships are created equal

It can be very difficult to come to terms with the fact that you or your loved one lacks the capacity to manage various medical, financial and lifestyle matters. Whether this deficiency stems from age or mental incapacity, it can be very upsetting to realize that someone else needs to step in to make certain decisions on that person's behalf.

Disputes arise when terms of an estate are not carried out

Being the executor of an estate is a big responsibility. The person in this role will be required to make financial decisions and manage an estate until it has been distributed. If an estate plan is fairly simple and straightforward, it can be a little easier for a person to serve as the executor. But when strange, complex, unpopular or unclear terms must be carried out by an executor, the job can quickly get complicated and legal complaints can be raised.

Challenging a will: who can do it?

You can probably imagine this scene in a movie: a grieving family is together in a room with a lawyer as they prepare to learn what their deceased loved one has left them in their will. The lawyer looks over the documents and start reading the deceased person's last wishes, and as he goes down the list he finally arrives at the treasured home that everyone wants to receive. The lawyer reads off the name of the beneficiary, and everyone gasps in surprise: it's the immature family member that did nothing to "deserve" the asset.

Protecting beneficiaries from the dangers of sudden wealth

People often dream of winning the lottery, inventing the next million-dollar idea and stumbling into fame and fortune on reality TV competitions. But the truth is people don't have to do any of these things to have sudden wealth fall into their laps; they just need a wealthy relative.

Tips for choosing an executor

There are several important aspects to creating a fully-functioning estate plan. The creation of a will is obviously an incredibly important foundational piece of a well-rounded plan. However, it is not always the final step. Many choose to select and name an executor for their estate who will help ensure that their wills and other wishes are carried out.

Determining whether trusts will be part of an estate plan

Although many people avoid discussions that pertain to their own mortality, others understand the need for crafting thorough and customized estate plans. Some say this is the best means for specifying one's wishes and providing for loved ones' futures. Included in many estate plans are various types of trusts.

The difference between guardianships and conservatorships

The dramatic advancement of modern medicine has led to longer life spans for many people in Florida. Unfortunately, the advances in ways to treat Alzheimer's disease and other forms of dementia have not kept pace with advances in the care of physical ailments. As more and more elderly people in the United States require assistance in making health-related and financial decisions, the presence of guardians and conservators in legal matters has increased. Many people may be interested in the differences between guardianships and conservatorships.

Why wills are important

For Florida residents, having a solid estate plan in place is important to ensure one's assets and property are distributed according to one's wishes after death. Wills are typically considered the cornerstone of any estate plan because they are relatively simple to create and most people are familiar with their concept. However, people may not realize all that wills can accomplish as part of their estate plan.

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