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 While it is true that having an outdated will is generally better than having no will in place at all, an outdated will can still cause many issues for a person's family and beneficiaries.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.
When you create a will, you are making a legally binding document that declares your end of life wishes and your preferences for how your property should be divided when you pass away. Beyond directing your family and loved ones about how to properly approach the end of your life, you also set forth who receives which pieces of your property. For many reasons, you may choose to place conditions on how or when a beneficiary receives a piece of property from your estate.
Florida is known as a place where thousands of individuals from all across the country choose to live later in life, often in their retirement. For many of those who move to Florida in their golden years, their wills were created long ago, and they assume that this is good enough. After all, many American's don't even have a will, right? While it is true that having some will is better than no will, there are many instances where it is wise to update your will to ensure that your loved ones remain protected and your wishes are made clear.
Florida faces an interesting crossroads as two separate bills that may deeply impact estate planning protocols go before legislators. Under the new bills, Florida would recognize electronic wills in estate planning.
A will, like several other kinds of legal documents, is not only a piece of paper, signed and prepared in a certain way. It also directly appoints or implies an individual who will bear the responsibility of carrying out the wishes expressed in the will document, as well as several other duties. This person is known as the executor of the will. If you have been appointed as an executor, or if you are considering who to appoint as your own executor, it is vital to understand an executor's responsibilities.