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Wills Archives

Limitations of online DIY estate planning services

Online services that prepare fill-in-the-blank estate planning documents, like wills and powers of attorney, have been available in Florida for years. People might turn to these services if they feel uncomfortable actually discussing end-of-life subjects and financial matters with a person. The AARP confirmed this reluctance with a survey that found only four in 10 people had an estate plan. Preparing the documents online might feel convenient and appear affordable, but these services have limitations.

What is abatement?

Estate planning in Florida can be a challenge because you do not have exact knowledge of the future. The best you can do when writing a will is to make educated guesses about when you will pass on and what property and assets you will have to bequeath when you do. Circumstances can and do change, which is why it is both easy and common to revise the contents of a will. 

Estate planning as a small business owner

Estate plans are important for a number of reasons, such as protecting the way in which one’s assets are split up among those they love and finding some peace of mind in knowing that these matters will be handled properly in the future. Everyone is in a different position when it comes to estate planning, whether someone has a vast amount of wealth or a relatively modest income, has a large family or is unmarried with no children, etc. Moreover, those who run a small business have additional issues to take into consideration.

Why unmarried couples need an estate plan

It may be important for unmarried couples in Florida who live together to create estate plans to ensure that they have certain rights that are granted automatically to married people. First, each person should have a health care power of attorney that authorizes the other person to make medical decisions. This reduces the likelihood of a battle with family members for this authority if one person falls ill.

The need for estate planning

A personalized estate plan can be used by individuals to help ensure that their wishes and objectives are honored should they become incapacitated or when they die. Even if they have no children or any other close living relatives, Florida residents should still strongly consider developing one.

Online archives can be an estate planning headache

The information age has transformed society, and many Florida residents now store their important information and documents online rather than in locked drawers or safe deposit boxes. This trend has made estate planning more complex and more challenging as it takes time for the law to evolve and change in response to technological innovation. These issues are particularly thorny when it comes to cryptocurrencies like Bitcoin, as they are basically assets in digital form.

The function of a will in an estate plan

If a person in Florida dies without an estate plan, that person's assets are distributed to family members based on state law. This is known as dying intestate. When a person dies intestate, the distribution of assets is usually made based on which surviving relatives are the closest next of kin.

Why it’s not a good idea to write a DIY will

The internet age makes it possible to do a lot of things yourself, from trying your hand at gourmet recipes to learning how to change a tire by watching an online video. However, as we at the Law Offices of Frye & Vazquez, P.L., understand, there are some things you and other Florida residents shouldn’t attempt yourself. This includes estate planning and other legal matters, which require years of skill and knowledge.

Passing on bitcoins to heirs

Digital security is a big deal when it comes to holding and investing in bitcoin. Investors in Florida and states throughout the country are putting large sums of their money into cryptocurrencies, but whether or not their families will be able to benefit in the event of an unexpected death or incapacitation is not always certain. That's because digital wallets that hold cryptocurrency use strict security features that can include complicated passwords only the owner knows about.

The importance of discussing estate plans with loved ones

Unfortunately, many Florida residents are reluctant to discuss estate plans with family and friends while they are still alive. For some, it is considered a matter of privacy. In some instances, this may actually be the best option. But if the family is close and has good relationships, it can be beneficial for all parties to openly discuss the plans.

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