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.
Like most people, you may have heard the joke about erasing one's online search history if one were to die. However, the information stored in your computer and cellphone is no laughing matter if you have important financial data that could potentially affect your loved ones' inheritance if they cannot access it. You and other Florida residents may be interested in learning about how to manage your passwords for the purposes of estate planning.
If you have become the executor of someone's Florida estate, you likely have many questions. The probate process can be intimidating and challenging, especially if it represents your first court experience.
Perhaps you have a great deal of credit card debt or you are still making regular mortgage payments. In your later years, you may also have accrued significant medical debt. You know that you will not be able to repay all of your debt before you die. Like other Florida residents in the same position, you may be worried about whether your children will be required to pay off the debt you accrued during your lifetime.
We at the Law Offices of Frye & Vazquez understand why it is desirable to avoid probate if possible. The probate process in Florida can be complicated, expensive and much more public than most families would prefer. There are a number of available options to help you and your heirs avoid probate, but some are more efficient than others.