Category Archives: Estate Planning
How Is a Living Trust Different from a Testamentary Trust?
The word “trust” gets thrown around a lot in estate planning. Many Florida residents are not exactly sure what a trust is or how it works. And they almost certainly do not understand all of the different kinds of trusts that may be used as part of a comprehensive estate plan. This post will… Read More »
Understanding the Role of an “Agent” Under Your Power of Attorney
When you hear the term “agent,” your first thought might be a real estate agent–someone you hire to sell your house on your behalf. But there are other types of agents, especially in the context of estate planning. For example, if you have a power of attorney–and you should have one–that document names an… Read More »
Own a Florida Business? Make Sure You Name the Right Executor for Your Estate
When you own a business, its debts do not die with you. Instead, they must be addressed as part of the probate administration process. This means that you need to make sure the executor or personal representative named in your will is capable of handling or winding up the affairs of your business–otherwise your… Read More »
The Impact of Divorce on Your Life Insurance Policy
In a recent post, we discussed the potential impact of a divorce on your estate planning. One issue we raised was the need to review–and possibly revise–the beneficiary designations on assets like retirement accounts and life insurance policies. But there is an important caveat to this advice: You need to ensure any beneficiary designations… Read More »
Can I Sue a Family Member’s Estate in Federal Court?
In the United States there are both federal and state courts. The state courts are generally responsible for estate and probate administration. In other words, when a Florida resident passes away, his or her estate will be administered by a state probate court. But what happens if someone files a lawsuit against the estate… Read More »
Is a Will Executed in a Foreign Country Valid in Florida?
Florida is home to immigrants from around the world. However, many people settle in Florida without taking the time to learn about local laws pertaining to subjects such as estate planning. So when they pass away in Florida, these individuals may not have left a will executed under Florida law–although they may have a… Read More »
Will My Florida Small Business Die With Me?
Many Florida residents have, or plan to set up, their own small business. There a number of legal challenges every small business owner faces. But one question that many forget to ask until it’s too late is–What happens to the business when I die? The answer to this question greatly depends on how the… Read More »
How an Irrevocable Trust Can Lead to Litigation
Although many Florida estate planning trusts are revocable by the settlor–i.e., the person making the trust–there are also situations where an irrevocable trust may be used instead. As the name implies, an irrevocable trust cannot simply be amended or ended by the settlor at-will. And in fact, if there are problems with the administration… Read More »
Does Your Estate Plan Include Your “Digital Assets”?
In a recent post, we noted the passing of Paul G. Allen, one of the co-founders of Microsoft. Allen’s will was recently filed for probate in Washington State, and while it is a largely boilerplate document–he left his estate to his revocable trust–it does contain one notable provision. The will expressly defines Allen’s “digital… Read More »
How Will My Trust or Estate Know What I Own?
Proper estate planning is not limited to making a will or trust. You also need to make sure the persons charged with administering that will or trust know how to locate all of your assets. At first glance, this might seem like a simple task. But considering how modern technology allows us to maintain… Read More »
