Many individuals, especially married couples, possess assets such as real estate and securities as JWROS, or "joint tenants with right of survivorship." When it comes to estate planning, the JWROS arrangement dictates that if one spouse passes away, the other spouse...
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Planning. Preparation. And Acting With Purposeful Intent.
3 estate planning mistakes that must be avoided
Developing a comprehensive estate plan comes with a significant amount of stress, worry and complexity. Individuals can be overwhelmed by the process and intimidated by the decisions facing them. When determining the distribution of assets and finances, however, there...
Why do you need testamentary capacity when creating a will?
Florida residents who want to craft a will need to have testamentary capacity to do so. If they lack this necessary attribute, their will may be contested upon their death. Understanding what testamentary capacity is can help to explain why it's mandated by the state...
Intestate Estate: Which Children Will Inherit and Who Gets Left Out?
When a person dies without a Last Will and Testament in Florida, he or she is said to have died “intestate.” The decedent’s estate is then distributed according to Florida’s intestacy statutes as set forth in Sections 732.101-732.111, Fla. Stat. In simplest terms, the...
Probate litigation 101: What if I disagree?
Probate is the court process that oversees the distribution of an estate’s assets. A judge generally supervises the probate process. After paying off debts, the person administering the estate, often referred to as the executor, will distribute the remaining assets to...
How a will helps you in the long run
Estate planning is crucial if you want to ensure that your wishes are carried out in regard to your property when you pass on. At the heart of an estate plan for many people in Florida is the drafting of a last will and testament. There are a number of ways in which a...
Estate Planning in the Face of a Divorce: Update Your Estate Documents
When a married person is facing divorce, updating their estate planning documents is a must. Why? Because of the potential ramifications in the event of an illness, incapacity, or death. Most married couples name their spouse on their estate documents. This might...
What are non-probate assets?
Non-probate assets are properties that bypass the probate process in Florida, which includes retirement accounts like IRAs and 401(k)s. Life insurance proceeds are also non-probate assets. All properties that are held in a living trust and funds in a payable-on-death...
Protecting a Beneficiary who has a Substance Abuse Problem
In our estate planning practice, we regularly have parents or grandparents who are concerned about leaving an inheritance to a beneficiary who has a substance abuse problem. The concern is real in that a beneficiary who suddenly comes into a sum of money could use it...
Vacancy in Trusteeship: When no one designated can or will serve.
When setting up an estate plan in Florida, one very helpful instrument is the “Living Trust” (also called a “Revocable Trust” or a “Revocable Living Trust”). The Living Trust is a written document into which the Grantor (the person establishing the Trust) places...
