The power of attorney is one of the most important duties a person can be tasked with in life. If you are chosen as someone's power of attorney, you are given quite a bit of power, for lack of a better word. Your responsibilities are very important. Today, we will discuss the duties of a power of attorney in Fort Myers, Florida, so you know what to expect when chosen for this job.
Creating a will is an essential component of any estate plan, and it may offer important guidance to your beneficiaries and heirs when you pass away or become incapacitated. However, simply creating a will is often not enough to ensure that your wishes will be honored without challenges from interested parties or the legal system itself. A number of complications may arise if you do not take care when drafting your last will.
There are many reasons why you might alter your will, such as a significant life event, a change in your wishes for your estate or beneficiaries, or changes in the laws that govern taxation and estate planning.
There are many ways to write protections of your rights and preferences into your will, depending on your needs and the difficulties you anticipate those who survive you may face. In some cases, it is likely that one or more parties may challenge a will and greatly complicate the execution of your wishes. In these instances and others, it is wise to consider using "no-contest" clauses in your will as an extra form of protection for your wishes.
Many people assume that a will is like a rotisserie oven. They want to just set it and forget it. While it is true that having an outdated will is generally better than having no will in place at all, an outdated will can still cause many issues for a person's family and beneficiaries. Most estate planning professionals agree that all adults should review and potentially update a will roughly every five years.
For many individuals living out their golden years here in Florida, leaving an estate to their family or loved ones is not as simple as one might hope. Sometimes, the individuals who stand to receive generously from an estate are either not old enough or not mature enough to handle the assets at the time of the benefactor's death. In these cases, a testamentary trust built into a will may prove useful.
When you create your will, you must take care to only include provisions that will stand up to scrutiny in court. Many people erroneously believe that once they write something in their will, it is something that their survivors must abide by. In reality, illegal provisions are included in wills regularly, making executing these wills difficult, if not impossible.
As the executor of an estate, you may face many difficult decisions, especially when the estate you represent is particularly complex. In a best-case-scenario, serving as an executor is something that you can do with pride and know that you're serving the needs of the estate you represent. However, if matters become complicated, as they often do, you may benefit from experienced legal guidance.
When you choose to make a will, it is important to remember that creating and executing the will are two distinctly separate components of the process, and if either piece is faulty, they threaten the integrity of the document as whole, as well as its authority in Florida when you pass away or become incapacitated.
For one reason or another, you may wish to omit a relative from your will. Regardless of your motivation to remove or omit the relative, it is important that you follow proper procedures in order to ensure that the omission stands up in court and is honored after you pass away. With proper preparation, you can ensure that your wishes are known and followed.