A will is a document that stipulates how your possessions and assets should distribute among beneficiaries after your death. A trust is a fiduciary arrangement that allows a trustee to manage and hold assets on behalf of beneficiaries. While a will does not become...
Month: March 2023
What are the responsibilities of an executor?
When you create an estate plan and write a will, you name an executor to oversee your estate when you pass away. When deciding who to choose as the executor of your estate, you should consider what the responsibilities of an executor are before making any decisions....
When should you review and update your estate plan?
You should review your estate plan every three to five years to ensure that your assets will distribute as you desire. However, there are certain life events and changes in circumstances that should trigger you to update your estate plan, regardless of when these...
Planning for your stepchildren’s inheritance
Blended families are becoming increasingly common. With these changing family dynamics comes the need for estate planning that considers the inheritance of stepchildren. However, this can be a complex process that requires careful consideration of the unique...
Order of asset distribution: whom does the estate pay first?
The distribution of estate assets could be tricky because even before the administrator can distribute the assets to the beneficiaries according to the estate owner’s wishes, the estate has to cover certain debts and costs first. Understandably, this process might...
Estate planning strategies for business owners
Building a startup remains a dream for many. After all, who can deny the appeal of working for oneself while shaking up the marketplace? If all goes well, it is reasonable to expect that the business will far outlast the life of its creator. Thus, it is vital to have...
Methods of paying for assisted living
With advancing years comes infirmity. Eventually, putting your parents into an assisted living community may be the wisest. These residences are havens for those in need of continual care. Enrolling in such centers, though, can be expensive. There might be uncertainty...
Grounds for challenging wills in Florida
It is ideal for all interested individuals for the enforcement of a will and the distribution of assets to go smoothly. However, some circumstances can lead an affected party to worry about the will’s validity and force them to bring an action to the court. Proving...
Why is asset protection important?
Estate planning is the process of arranging your financial affairs and assets to ensure their smooth transfer to your heirs and beneficiaries after you pass away. Asset protection is essential to estate planning. It involves safeguarding your assets against various...
3 common myths about estate planning
For most people in Jacksonville, estate planning is something they rarely think about or do. Many people have never started their estate plan or even considered what they would want in a plan. So it's no surprise that there are a lot of misconceptions about estate...
