When James Brown left behind a detailed will and trust before his death in 2006, he couldn't have expected the battle that ensued between his children, a former wife, and the South Carolina Attorney General. After years locked in a will contest, the Supreme Court finally ruled that the Attorney General's actions, which effectively ignored the wishes of the soul superstar, were unjust.
Certain life situations can make it difficult for a person to manage his or her own assets. When this is the case, family members may set up a conservatorship. While people may often associate conservatorships with older populations, one celebrity's conservatorship demonstrates that some younger people also have conservators managing their finances.
Conversations about estate planning are often directed towards older Americans-who are nearer retirement. However, it is important for a person of any age to consider estate planning. Advance planning for how one's estate will be managed is especially important if a person has an extensive amount of assets.
The Florida Statute (Chapter 709) that addresses powers of attorney was revised substantially by the Florida Legislature's passage of Senate Bill 670 on May 4, 2011. The new statute became effective on October 1, 2011. While the new law does not make a power of attorney properly executed prior to the effective date void, the new statute nevertheless applies to those powers of attorney that were executed prior to the effective date. Therefore, it is important to review existing powers of attorney to understand which terms will be subject to a different set of rules.General Changes: