Estate Planning

September 21, 2007

Updating your Florida Will

Your Florida Estate Planning Lawyer should tell you that your Florida will is a living document and must be updated regularly based on changes in your circumstances, the laws, and the assets you own.

Life is full of change, and when your life changes you Florida Will should be evaluated for potential updates. Some Jacksonville Estate Planning Lawyers prefer to update Florida Wills with a Codicil. A codicil is just an amendment to a will. Often when there are more than one amendments or the Florida Will and Florida Codicil conflict with each other, it may be more difficult for your personal representative to understand and carry out the instructions on the decedent.

It is for that reason, that often the original Florida Will is rewritten in its entirety. With word processing it is often the same work to create a new Florida Will as a Codicil.

September 20, 2007

Florida Trust Accounts: Should the Checking Account Be Held In the Name of the Trust?

by David M. Goldman

When you create a Florida Revocable Trust, your Florida Estate Planning Attorney should advise you on how to title accounts.

One common question is about checking accounts. In most cases, the title (ownership) of the checking account should be changed to the name of the Florida Living Trust or Florida Revocable Living Trust, or Trustee of the trust. If on the date of death, the amount in a personal account has not become property of the trust, it may be necessary to open a Florida probate.

NOTE: The checks do not need to show the trust name and reference to the trust may be omitted for check cashing. The signature cards need to be updated to reflect the way in which checks will be signed. When doing this its best not to close the accounts as outstanding checks could bounce and create unnecessary expenses.

September 19, 2007

Florida Estate Planning: Paperless Records Leave Heirs in the Dark

by David M. Goldman

September 18, 2007

Florida’s New Trust Code is Retroactive

by David M. Goldman

September 17, 2007

Do you have the power to help your children?

by David M. Goldman

Some Florida Estate Planning Lawyers are now providing documents for college age kids as part of their parents estate planning.

A valid Health Care Proxy or Designation of Health Care Surrogate, or Medical Power of Attorney and a Durable Power of Attorney are important documents to have for your adult children.

With recent HIPAA regulation and privacy laws, spouses can not find out medical information on each other, much less on their adult children. If you child is hurt, incapacitated, or unable to speak for themselves, a Florida Durable Power of Attorney or Florida Designation of Health Care Surrogate can allow you to act and make decisions on the behalf of your adult children. It is important to include HIPAA releases in these documents so that you can receive the background medical documents necessary to make decisions.

September 16, 2007

Florida Estate Planning: Financial Details

by David M. Goldman

When you die, someone has to know hot to determine or what the details of your financial life are

It is important to make a comprehensive list of assets, liabilities, life insurance policies, power of attorney, Florida will, credit cards, details of bank accounts and all other important financial information.

The problem is that once you pass away, an executor or personal representative has to go through all of your document to figure out where assets may be located.

September 14, 2007

Guns after Death

by David M. Goldman

With Florida Estate Planning it is important to consider the effects of a gun on the probate process.

Neil E. Hendershot a Professor at Widener University School of Law in Harrisburg and author or PA Elder, Estate & Fiduciary Law Blog, had a Student submit an article regarding the possession and use by elderly persons of firearms. The article has a great title “I Bequeath my machine gun to . . .”

Jacksonville, Ponte Vedra Beach, Silencer, Machine Gun, PVB, Beach, Florida After reading this article, it is even more apparent that one who owns Title II Firearms (sold by Class 3 SOT dealers), needs to be conscious of the effect of their demise on their Personal Representative and/or heirs.

Uncertainty in proper disposition of such a firearm could lead to one’s client being convicted of possession of an unregistered firearm, punishable by up to 10 years, $250,000 in fines and the forfeiture of the weapon and any “vessel, vehicle, or aircraft” used to conceal or convey the firearm.

September 13, 2007

Digital Property After Death

by David M. Goldman

September 10, 2007

Florida Will & Trust Bonds

by David M. Goldman

Most people believe that a having a Florida Will or Florida Trust will save them money. The California Estate Planning Blog has an interesting comment about how it can actually cost your more money. In Jacksonville Florida as with CA, a Florida will or trust that does not waive bond can actually require one. In some Florida Counties, the judge can still require one even if you have asked to waive the bond.

This means that to handle an estate without a Will or Trust waiving the bond requirement, your personal representative will have to apply for a probate bond to cover the proposed value of your estate at an enormous cost to them. For example, if your estate is worth a million dollars — say a medium sized home in CA along with some cash assets — bond premiums could run approximately $2,000 for every year the estate is opened. The first year’s premium is not refundable if the estate closes within a year.

A probate bond is designed to protect the estate in case the personal representative mismanages the estate or runs off with all of the estate assets. It is kind of hard to do when there’s real estate involved, but the courts still require bond.

September 6, 2007

Florida Wills: Separate Writing Memorandum

by David M. Goldman

Your Jacksonville Estate Planning Attorney should include a separate writing memorandum in the Valid Florida will that is prepared for you. Florida Statute, Section 732.515 allows a written statement or list referred to in the will to dispose of items which are tangible personal property.