In this article, you can discover… The role and benefits of a trust protector. The difference between a trust protector and a trustee. When to appoint or remove a trust protector. What Is A Trust Protector? A trust protector is named within the trust or is appointed by the court. They exercise certain powers over the trust and are given special legal oversight. The trust protector, however, is limited by what the terms of the trust allow them to do and can only make certain changes as needed. How Does A Trust Protector Differ From A Trustee In Florida? Both a trustee and a trust protector have a fiduciary duty to the beneficiaries. Both have certain important legal responsibilities. However, the trust protector differs in that they are not the initial person named…Read More
In this article, you can discover: How notifying creditors is a crucial step in estate administration. The role of the probate court in overseeing creditor notifications. The process of settling debts and the limitations on creditors in probate cases. What Is The Purpose Of Notifying Creditors During The Probate Process? Navigating the probate process can be a complex journey, especially when it comes to dealing with creditors. The law mandates that we notify creditors during this process. This notification serves a dual purpose: it informs creditors of the decedent's passing and sets a clear deadline for them to file any claims. This step is crucial for properly administering the estate, as it includes settling any outstanding debts. Who Is Required To Notify Creditors Of The Death? The responsibility of notifying creditors falls on…Read More
In this article, you can discover: Why nominating guardians is essential for children with special needs. How to address long-term needs in your estate planning. The importance of clear documentation to prevent confusion and conflict. What Estate Planning Documents Are Necessary To Set Up A Guardian For A Child With Special Needs? If you're a parent of a child with special needs, it's crucial to have a solid estate plan in place. Here are some essential estate planning documents you may need: Guardianship Designation: This document legally designates a guardian for your child with special needs in case something happens to you. It outlines who will assume responsibility for their care and decision-making. Will: In your will, you can specify your wishes regarding guardianship and also provide instructions for how you want your…Read More
In this article, you can discover: The critical role of notifying creditors in the probate process. How the personal representative ensures the estate's smooth administration. The importance of adhering to legal requirements for creditor notifications. What Important Steps Should I Take When A Parent Or Other Family Member Dies? When a loved one passes away, it's a time of grief and confusion. In addition to funeral planning, there are several essential steps you need to take. First, check if they had any pre-arranged funeral or burial plans. This can ease some of the burden during this difficult time. Next, ensure a legal pronouncement of death is obtained, typically a death certificate, usually arranged by the funeral home. It's also important to notify close friends and family, secure any property and personal items, and…Read More
Review the following tips before buying a life insurance policy. Get The Right Type And Amounts Do some preliminary research. You need to be sure you are in the know, so you don’t buy a product or amount that you don’t need or overlook the types and amounts that are right for you. Your estate planning attorney can help you make objective decisions about your insurance needs. If You Can, Supplement Your Employee-Benefit Life Insurance Let’s face it, jobs change. You shouldn’t rely on an employee benefit that may not carry over if you leave the company. Also, you may experience medical issues before you leave the company, which may make it more difficult to buy coverage later. So consider buying outside coverage while you can. Don’t Name A Minor As A Beneficiary…Read More
The thought of not being around to raise your children feels crushing and too awful to consider. But if you don’t name a guardian for your children and you pass away or become incapacitated while they are minors, a judge who doesn’t know you, your children or your family will decide who raises them. Families tend to fight over children, especially if there’s money involved. And what if you have family that you don’t want raising your children? How To Choose A Guardian Consider these factors when choosing candidates for guardians and back up guardians: How well the child and potential guardian know and enjoy each other Location – if the guardian lives far away, your child would have to move from a familiar school, friends, and neighborhood. If your guardian is not…Read More
Myth #1: “Estate Planning Is Only For The Very Rich Or Old.” False! You don’t need to be rich or old to start planning. That’s because estate planning is for anyone who may pass away or get really sick. And that can happen to anyone! Estate planning is about making sure that someone can manage your finances if you’re incapacitated, your health care wishes are carried out, your kids are taken care of and that your property goes to the right people. Myth #2: “Estate Planning Is Too Expensive.” False! In fact, exactly the opposite is true. In the long run, good estate planning saves both time and money. Without an estate plan, your loved ones may have to deal with confusion, undue financial hardship and family drama, in addition to probate, which…Read More
