As you reach the golden years, it is only natural to think of the future and how to ensure your loved ones are provided for after you are gone. Although most individuals put off the idea of creating an estate plan, it is a crucial step to safeguard your legacy and...
Jacksonville Estate Planning And Elder Law Blog
Can the estate’s personal representative receive compensation?
Being a personal representative can be a significant responsibility, usually based on the estate's details and size. Their duties can be extensive and tedious, including organizing assets, sorting out the decedent's financial requirements and keeping heirs updated on...
What are potential issues to look out for when estate planning?
When estate planning, there are several issues that you should be aware of to ensure your estate’s personal representative distributes your assets according to your wishes and that you continuously protect your loved ones’ financial future. Here are some common issues...
Why should you plan for long-term care?
Florida has a large and growing senior population, mainly due to its warm climate and friendly tax policies. As people age, the likelihood of needing some form of long-term assistance increases. Long-term care planning is one integral aspect of the estate planning...
Why can probate take longer than expected?
When a loved one dies, their estate typically goes through a legal process called probate. Probate involves validating the deceased person's will, identifying their assets, paying off debts and distributing what remains to the rightful heirs. However, this process can...
Have you named a power of attorney?
As you make an estate plan, your main focus is likely curating your estate in anticipation of your passing. You may be considering who would be your executor of your estate and beneficiaries. You may also consider using your estate plan to focus on important matters...
Does your life insurance need to go in your estate plan?
When you’re creating an estate plan, you typically want to mention all of your major assets. High-value assets often lead to disputes, so you need to make a plan for things like the family home, a small business, your investment portfolio, bank accounts and much more....
How can you plan for medical care if you become incapacitated?
Many people think about asset protection when they hear about estate planning. While that’s a critical component, there’s something else to consider – decision-making powers, especially when it comes to medical care decisions. Anyone who’s creating an estate plan...
What is a letter of instruction?
You can cover most of your estate planning wishes through a few legally binding documents, such as a will, powers of attorney and, perhaps, a trust. More options do exist, of course. Yet you probably have a few thoughts bouncing around in your head that you are unsure...
What’s wrong with an online will?
You can base your whole estate plan on an online will if you wish, but it is not advisable. Despite the apparent ease of creation and the attractive price, for most people, it’s just another of those internet offers that are not as good as the sellers want you to...