Executors of estates have many responsibilities. One of the many tasks that you're responsible for handling is the division of assets among a decedent's heirs. This is much more involved than it seems on the surface.
You can be forgiven if you don't particularly find wills and estates that compelling -- but the 2019 sneaker-hit "Knives Out" may make you change your mind.
Whether it's expected or it's not, even when people have made their peace with someone passing away, a death is very difficult to manage emotionally. Sometimes, the bequests of a deceased person to their loved ones and cherished causes can help ease this pain. But anger can be compounded when inheritors are not getting what they feel they should.
If you are beginning the process of planning your estate, you may have encountered articles and other information about probate avoidance. However, you may not be entirely sure about why it is so important to avoid probate, and how your estate will benefit from this.
At least a portion of most people's estates need to go through the probate process at the end of their lifetime. Probate can be take time and be costly because of the court administration that is involved.
You may have health coverage and a decent nest egg, including significant assets and savings, but as most people in Florida know, it does not take long for a medical emergency or long-term health care to completely wipe you out. At the Law Offices of Frye & Vazquez, P.L., we know that you would rather leave an inheritance to your children instead of losing it all if you require significant health care in your senior years. It can also be concerning to think about affording long-term care with a modest retirement income and limited medical insurance.
As young Florida residents put together their estate plans, they may wonder what will happen to their student loans after they die. Regardless of the amount a person borrowed, it is important to understand what will happen to this debt after death.
A diagnosis of dementia limits your ability to make an estate plan in Florida. Your estate planning documents are likely to face a challenge if there is a question of whether or not you were of sound mind at the time that you drafted them. For this reason, it is a good idea to start your estate planning early.
If you have a favorite outfit you want to be buried in, a specific phrase in mind for your headstone or you do not want to be buried at all, it is a good idea to state these wishes in your will. Like many Florida residents, you may balk at the thought of planning your own funeral. However, there are many good reasons to do so.
Residents in Florida might want to believe that their family members would not become embroiled in an all-out battle over their inheritances but that is not a safe assumption. The more effectively a person can outline their wishes in a solid estate plan, the better. On top of that, proactive communication with all potential heirs is a must.