On the surface, will creation may seem like a simple process. That's why many people in Florida wonder if they can't just write their own wills, thereby saving money on legal costs. While there are resources available that can help you create your own estate planning documents, doing so may end up costing your family and your estate more than just money. The Balance explains some of the reasons why you might want to think twice before writing your own will.
When you think about disputes over estate planning, it is understandable to consider the type of arguments that can occur after you are gone, if your loved ones find reasons to dispute the terms of your will. However, as we at the Law Offices of Frye & Vazquez, P.L., are aware, just the act of planning your will can be complex, and it might become contentious if you and your spouse disagree over who gets what. You and other Florida residents might want to explore ways to avoid an argument over your will planning.
The executor of your estate will be responsible for many essential duties after you’re gone. From settling outstanding debts to ensuring your heirs receive your assets, the duties of an executor are often quite complex. That’s why picking the right candidate is so important, and AARP offers guidance on how you can do just that.
When you create your estate plan in Florida, you have to prepare for everything. This not only includes ensuring all your assets are accounted for but also that you plan ahead for what happens after you die when it comes to taxes. While the state may assess estate taxes on your estate, the federal government does as well.
If you are the executor of an estate, you may be responsible for ensuring the terms of the trusts and wills are carried out according to the deceased's wishes. When a trust is dissolved, the money and/or property is transferred to the beneficiary designated in the trust. There are some situations, however, where the details of the trust may be impossible to carry out, as the terms have become impractical, illegal or otherwise impossible to pursue. In this case, the cy-pres doctrine may come into effect. Rather than voiding or failing the entire trust, the cy-pres doctrine enables the executor or the court to adjust the terms of the trust so that they can be carried out.
Wills are useful estate planning tools that enable you to leave assets to loved ones after you're gone. These documents can be challenged in court, which is a common occurrence among many families despite the value of assets or property being dispersed. TheBalance.com explains just who is allowed to challenge a will.
When a friend or loved one passes away, you may feel overwhelmed with emotion at the loss. During this hard time, it can be difficult to make important decisions regarding the deceased's estate and property. If you are the estate administrator, you are responsible for overseeing the estate as it travels through the probate process. Probate is supervised by the court and ensures the property is taken care of and is distributed to the beneficiaries intended by the deceased.