Miami residents are encouraged to begin their estate planning early on in their adult lives, and to involve those who may be beneficiaries of their estates in the process, as well. This attempt at transparency may hopefully help to avoid having disputes arise once one is gone. However, as family dynamics change over time, so too can one’s estate plans, much to the chagrin of those who may be negatively impacted by such changes. In such cases, no amount of planning may be able to avoid the legal battles that may arise if and when disillusioned beneficiaries try to claim what they may believe to be theirs.
Few in Miami may seriously contemplate the possibility that they could end up in an incapacitated state where they may be unable to make decisions for themselves. This may be the reason why so many may fail to specifically name someone to act in their place should something like that happen. Yet unanticipated events could leave one of your friends or family members needing such representation almost at a moment’s notice. In such an event, you could petition to be named as his or her emergency temporary guardian.
Many in Miami have likely heard from countless people that they should do what they can to avoid having their estates go to probate. This is due to the fact that the probate process can be time-consuming (sometimes lasting longer than one year), and any expenses associated with it are drawn directly from estate assets. However, many estate cases are still heard in probate courses every year, and for those unfamiliar with the legal guidelines regarding estate administration, the assistance offered by the probate court may end up justifying the expense.
Many of those who come to us here at The Law Offices of Frye & Vazquez, P.L. inquiring about creating a trust want to do so primarily to ensure that those they love are taken care of. That love may extend to family members, friends, and yes, even pets. Like many in Miami, you may feel a strong bond with your pet, and would likely want to see him or her cared for if you were unable to do so. You could also own animals whose use you profit off of from breeding or entertainment purposes, and would want to protect your investment. In any event, Florida law does allow for the care of animals to be seen to through a trust.
Like most in Miami, you might assume that estate matters deal only with the disbursement of property and assets in accordance to one’s wishes. Typically, those wishes are honored after one has died. Yet, as crazy as it may seem, we at The Law Offices of Frye and Vazquez, P.L. can attest to the fact that part of dealing with an estate is actually proving that a testator is dead. You may consider this to be a simple matter, yet as is the case with any aspect of probate and estate administration, the potential for complications exists.
One of the things that Miami residents may forget when engaging in estate planning is how their debts will be dealt with when they are gone. Some may think that creditors’ claims may die with a decedent, yet as long as there are assets in an estate, creditors may lay claim on them as payment for what they are owed. That is why it is recommended that people make an accurate accounting of both their assets and liabilities in their estate planning documents so that their beneficiaries do not feel blindsided when creditors come to collect.
One of the main reasons that estate planning experts in Miami recommend that you and your loved ones start addressing end-of-life issues when you are young is to avoid having your estate go to probate. Yet despite these expert recommendations, a good number of estate cases still end going through the state’s probate courts every year. According to information shared by the Florida Office of the State Courts Commissioner, 115,746 cases were filed in the state in 2014-15 fiscal year.