J. Kelly Kennedy, Attorney/CPA, PLLC

Local: 863-877-4723
Toll-Free: 888-415-5019

Attorney and CPA

July 2015 Archives

Certain types of accounts can help to avoid probate issues

Anyone in the Polk County area who has thought about the future of their estate after their death may be interested in learning about ways to make the distribution of their assets easier for their surviving beneficiaries. After a person dies, the estate administration process can be cumbersome for the deceased person's personal representative. This is one of the many reasons that people try to find ways to simplify the distribution of their assets upon their death.

What are three common ways of passing down assets?

If a person in Florida wants to leave an inheritance for his or her children or other family members, that person must set up the appropriate legal documentation. However, the methods by which a person passes down their assets are not necessarily as complicated as some people might envision. So what are some common ways that people leave their assets to others?

Estate planning data from millionaires

In other posts, this blog has discussed the idea that many people in Florida avoid setting up a will or estate plan because they think that this kind of planning is only for the wealthy. Also, in general, people don't like thinking about the possibility of their own death or incapacitation. On the other hand, common sense would dictate that people who do have substantial assets might give estate planning more serious thought than others who have fewer assets. However, the data on this topic shows some surprising results.

Don't wait to prepare a will; the future is almost never certain

People in the Winter Haven area, over the entirety of their lifetime, are likely to accumulate some amount of assets that they want to pass down to their loved ones. The purpose of a will is to ensure that upon the person's death, their assets get passed down to surviving family members or other people, according to the deceased person's wishes.

How and when would a Florida trustee terminate a trust?

Any Floridian who has thought about or done any research on estate planning has probably at least heard about trusts. The trust is a mechanism by which the owner of certain assets places those assets in a legal instrument for the benefit of another person. The trustee then oversees and takes care of the trust and its assets for the beneficiaries. While the details of trusts can vary widely in their complexity and applications, these basic rules are common to every trust.