If you believe the will your loved one created is invalid, you may be able to challenge it in a Florida probate proceeding. However, in order for it to be void, it must meet one of the legal requirements for contestation. Being unhappy with the will's provisions or simply suspecting something wrong is not enough. You must be able to prove that there are sufficient grounds for questioning the will's validity. The following are the most common reasons for contesting a will.
We live in a digital age. More and more of our business, financial, and personal lives are managed and housed online. As the digital age keeps progressing, questions arise regarding ownership and management of those assets after an individual dies or becomes incapacitated.
It is no secret that a will can be an enormously valuable document. A will can protect a person's kids, assets and various wishes after his or her death and shield family members from lengthy, contentious legal battles. It can also prevent certain parties from receiving money or property the decedent did not want them to have.
When it comes to pets and estate planning, few animals were as fortunate as Trouble. The white Maltese owned by Leona Helmsley, the late hotel magnate, received a $12 million dollar inheritance in 2007 -- a seemingly hefty sum if you do not take into account the dog's annual living expenses estimated at $190,000.
When it comes to planning end-of-life matters in Florida, people often remember to take care of their wills, trusts, power of attorney and life insurance, but they might not know how to address their digital assets. Because digital information can remain online for years, estate planning should include a way to handle digital property. As with physical and tangible assets, digital information needs to be left in the care of someone who is trustworthy.
Florida retirees may be wondering whether a will or a trust is a more appropriate estate planning tool. According to experts, either could be appropriate, depending on the retiree's situation. A trust is a legal tool that holds assets for the benefit of an individual. A will is a legal document that directs which assets should go to whom after an individual's death. Both serve unique legal purposes. Deciding which one is most appropriate depends on the unique estate planning goals and needs of an individual's situation.
Florida remains a popular destination for retirees, and issues concerning senior citizens are treated with importance in the state. A report published on Jan. 20 in JAMA Internal Medicine highlights a growing trend in healthcare where family members are left to make difficult medical decisions on behalf of elderly relatives who are no longer able to do so for themselves. The research team behind the report interviewed the doctors of 1,083 elderly hospital patients, and they found that only 7.4 percent of them had a living will in place. This lack of estate planning can put children and spouses in a difficult position, and it is a growing challenge for the healthcare industry.
Orlando families working out how their patriarchs and matriarchs will pass on assets after death may want to hear what one respected financial adviser has to say on the matter. To start, avoiding errors caused by the process's complexity is the first step to successful estate planning. After that, making sure the correct paperwork is filed and updated to reflect any changes in circumstances should be at the top of a family's estate administration tasks.
Orlando residents may be interested in a New York judge's November ruling that barred a woman who was acquitted of murdering her three children from sharing in their $350,000 estate. This estate planning case set precedent, addressing the state's Son of Sam legislation, which prohibits criminals from profiting off of their crimes. The judge decreed that a successful insanity defense is irrelevant when establishing if the defendant will inherit the victims' assets.
Florida residents of all ages should be sure that they have a will in place. While many people assume that creating a will or dealing with estate planning is something that will need to be dealt with when they are older, both are actually essential to ensuring that someone's property is handled appropriately once they pass on. Since no one knows when this will occur, it is a good idea for these documents to be in place well ahead of time.