13 May

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Estate Planning for the Unmarried and Childless in Florida

Many individuals believe that an estate plan is necessary but only around 40% of them actually implement one. This may be for a number of reasons, including being unmarried, or having no kids. However, the concept that you don't need an estate plan because you are unmarried or don't have children should not be one of those grounds for not getting one. Why? We shall discuss that in this brief. Decide Who is in Charge of Making Decisions To ensure that your wishes are carried out in the event of your incapacity, it is important to create and include powers of attorney in...

06 May

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When Should You Revisit Your Estate Plan?

Posted by Sgfirmlaw

in Estate Planning

Estate planning paperwork is often completed, stored in a safe or drawer, and then forgotten about. However, estate planning, like your home, vehicle, and other significant assets, requires regular upkeep. But when is the best time to review and revise your will or trust document? Estate planning agreements should be reviewed annually, but it is more realistic to do so every three to five years (independent of life events). It should be made earlier if your circumstances have changed significantly. A reexamination of your estate planning may be necessitated by the following events: 1. Changes in Family Status When there are changes in family...

01 April

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What Happens After Someone Dies With a Will?

Posted by Sgfirmlaw

in Estate Planning

If you have recently lost a loved one, you may be wondering what the next steps are. Estate administration is not always a straightforward process, and it is rarely quick, so it can be easy to feel like nothing is happening or like you do not know what is going on. The biggest determinant in how the estate administration process will unfold in the aftermath of a loved one’s death is whether they had a will and if it can be located. If your loved one has a will, the estate administration process can proceed in the ways specified below,...

11 March

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Are a Will and a Living Will the Same Thing?

Posted by Sgfirmlaw

in Estate Planning

Chances are that when you think about a will, it evokes mostly thoughts of death. So, what is a living will? And is that different from a regular will? We will answer those questions here. Last Will and Testament A last will and testament is what most people think about when they hear the phrase “will.” A last will and testament is the legal document responsible for allocating someone’s assets to their beneficiaries after the testator passes away. After someone passes away, their estate goes to probate court. In probate court, it will be determined whether the person has a will and...

14 January

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Why Your Estate Plan Needs More Than Just a Will

Posted by Sgfirmlaw

in Estate Planning

We get it. Making a will is a big deal, and it is a huge step toward establishing a comprehensive estate plan. However, it is not all that you need. Many people who spend years avoiding the task of creating a will feel they can lay down the gauntlet the second the ink is dry, but it is important to understand the limits of a will so that you can also plan for the gaps it leaves in your overall estate plan. Trying to accomplish or dictate too much in your will can actually result in certain provisions or even...

18 June

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The Pour-Over Will: A Critical Estate-Planning Safety Net

Posted by Sgfirmlaw

in Estate Planning

If you live in Florida, it is important to understand probate. Probate is the process of distributing a decedent’s assets and settling their debts after they die. Probate can take months or even years to complete and during this time the decedent’s heirs do not have access to the assets. If the heirs were financially dependent on the decedent while they were alive, this can create great financial hardship. Additionally, probate can be a costly process due to lawyers’ fees, which are all paid out of the assets prior to their distribution. If it is a complex estate or if...

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Estate Planning for the Unmarried and Childless in Florida

When Should You Revisit Your Estate Plan?

What Happens After Someone Dies With a Will?

Are a Will and a Living Will the Same Thing?

Why Your Estate Plan Needs More Than Just a Will

The Pour-Over Will: A Critical Estate-Planning Safety Net

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