The purpose of most wills is for a person to dispose of their assets upon their death. For many people, this means figuring out how to divide their assets amongst their loved ones. Figuring out this part of the will is often the most difficult step of the process. However, it is also important for the person whose will it is -- also known as the testator -- to be sure that his or her will is valid.
Last month, this Florida blog discussed a dispute about the estate of the late Hall of Fame baseball player, Ernie Banks. In his last will, Banks left all of his assets to his caretaker. His surviving children are challenging Banks's final will, arguing that his caretaker improperly influenced his decision to leave her all of his assets. Regardless of the outcome, this case can serve as a good lesson for other Floridians who want to protect their families from similar problems in the future.
A person's will is very important. A will explains how a person wants the person's assets to be distributed after the individual has passed away. In many cases, a will is just one aspect people's estate plans. However, it is often heavily relied on to determine a person's last wishes. Family members look to a will to understand how much of an inheritance they will get and how to settle any other outstanding issues with the estate.
In a recent article, this blog stressed the importance of updating a will following major life events. These included the birth of child, a death in the family or a divorce. These events are often watershed moments in a person's life that change a person's wishes and desires. A change in the number or value of a person's assets can also have the same effect. Therefore, an updated estate plan is a must.
An estate plan is an important set of legal documents for many Florida residents. It likely contains a will and other estate planning documents that set out a person's final wishes. While these documents are not needed until a person's death, Florida residents should avoid the temptation to just file them away and forget about them.
An estate plan helps Florida residents decide what they should do with their assets after they pass. This plan can be extremely important to peoples' families as they deal with the person's death. Not only can it make sure that assets are put to good use, it can, in some cases, keep families from a prolonged fight over who gets what. An estate plan can also help to reduce estate taxes and other costs. However, an estate plan can only do these things if it is properly executed. In particular, will execution is very important.
Most people work their entire lives to provide for their families. People want to give them the very best -- whether that is the best housing, best education or best experiences. While it is possible for people to make arrangements for their family's wellbeing when they are alive, this obviously becomes more difficult after people pass. However, with the right planning, it is not impossible to provide for your family after your death. There are many estate planning tools that can help ensure that your family receives the very best for years to come.
In this day and age, it is not uncommon to have the details of one's life documented in some form or way. When it comes to drafting a will or an estate plan, some individuals seek to include many items. Our firm understands that Florida residents not only seek to protect assets but also want to address other pressing issues when they draft a will. For many, wills are not only a way to ensure that their property and assets pass to their descendants upon their death, but also address what will occur if they are incapacitated. Individuals seek to accomplish much when they draft a will, which makes will execution very important.
People in Florida are frequently concerned about their will and how the will, will be handled after they're gone. In some instances, the family that was left behind has issues with the way the assets were allocated by the decedent. In situations such as this, there is consideration given to a will contest. There are many factors that go into the decision as to whether or not to contest a will and they must be considered before moving forward.
Thinking about retirement or the protection of your wishes in a medical emergency is important. In the state of Florida, this can mean a variety of different options for making preferences clear and making sure that they are upheld in a way that meets your wishes. The legal backing for a living will can help someone have a customizable legal preference for their own healthcare.