In Florida, for a will to be valid it must be in writing, signed by the party seeking to create the will (the testator), the testator must have the mental competence to sign the will, and it must be signed by two witnesses to the execution of the will.
What happens if you do not have a will or your will is not valid? In these cases, the state declares the individual to have died “intestate,” and your property follows a chain of succession to determine the owner.
Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified. Probate can be a long and stressful process, especially after such a difficult time. Non-probate assets avoid this long, costly process and pass directly to a decedent’s heirs.
IRAs allow you to save for retirement with tax-free growth on a tax-free basis. You can also establish different sub-trusts within the IRA trust for the benefit of your beneficiaries, including your spouse. You can design each sub-trust to fit the unique needs of each beneficiary.
Preparing for what happens after one’s passing can be difficult. Most people do not like thinking of the reality that they are not going to be around one day. However, proper preparation allows you to have a say even after you pass.
There are two ways that the ownership can be transferred, and the court can ultimately determine the legal owner of the vehicle.
Providing for all members of your family is of the utmost importance– including your furry, four-legged friends.
Beneficiary designations on your financial accounts can provide a quick alternative to traditional estate planning strategies by making sure your accounts are not subject to probate, thus preserving your wealth and preventing unnecessary court expenses and proceedings.
Generally, it is recommended that your estate planning documents, including your revocable trust, are reviewed at least once a year. This is especially important if you have experienced any significant life changes.
Florida law allows homeowners who use their Florida home as their residence to claim a homestead exemption. The Florida Constitution provides a tax-saving exemption by reducing the taxable value of real property by up to $25,000, and $50,000 for a married couple. Florida
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This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business
