One challenge that families in Florida may face after the death of a loved one is dividing tangible items within an estate. These are items that are often unique and may not be easily sold. Some may only have sentimental value, such as photo albums. Many families deal with this by taking turns selecting items, but another family had a unique solution.
A trust protector can play an important role in keeping assets safe from threats such as lawsuits. Florida parents often use a trust protector when they create a living trust for a child and make the child the trustee. Placing assets in the trust can also protect them from a spouse. Often a sibling may be appointed as protector to step in if necessary.
For people in Florida who want to make sure their loved ones are provided for after their death, estate planning can be an important topic of open conversation. Many people feel like they have no idea what happened with the assets of their loved ones after they passed away. This can be particularly important for people on second or later marriages, with both spouses bringing children of their own to the relationship. In many cases, the kids involved are adults, but people often intend to provide something for their grown children as well.
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.
When a person dies, it is often a close friend or family member who is appointed as the executor in the person's will. One of the main duties of the executor is to locate the decedent's assets, including various bank and retirement accounts. People in Florida who are acting as the executor of a will should keep a few things in mind when they're trying to locate assets.
When a loved one in Florida passes away, a person left behind may be surprised to discover that they have been named the executor of the will. This task can come with serious responsibilities, including securing the person's estate and assets, notifying the beneficiaries named, filing necessary tax returns ant introducing the will into probate court.
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.