Tag: estate-planning-documents
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What is the entitlement for a widow or widower in Florida?
In Florida, a widow or widower has the right to claim an entitlement. Essentially, a widow or widower can claim the greater of either what they are designated to receive through the estate planning documents or 30% of the probate estate.
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What is a presumption of undue influence in the state of Florida?
In Florida, the presumption of undue influences occurs when an individual contesting a will can demonstrate three key factors: firstly, that the individual who applied the undue influence is a significant beneficiary of the estate planning documents; secondly, that the individual who applied the undue influence had a confidential relationship with the person who signed…
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What is the definition of undue influence?
Undue influence is a basis that can be employed to challenge a will, a trust, or even a beneficiary designation form. It can happen when an individual inappropriately asserts control and influence over the mindset of another person, leading them to create estate planning documents or beneficiary designation forms naming themselves as the beneficiary, instead…
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What occurs if a case challenging a will leads to the will being pronounced illegitimate or null?
If a will is deemed illegitimate or null, then there are two potential outcomes. Firstly, the estate can be distributed in accordance with the laws of intestacy. Secondly, if the deceased had previous estate planning documents, there is a chance that those earlier estate planning documents will be reinstated if the Doctrine of Dependent Relative…
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What happens to my estate planning documents if I relocate?
The estate planning documents are intended to be applicable in any state where you reside. However, if you decide to move to another state, it is strongly advised that you consult with a lawyer in that area who can provide you with recommendations on any necessary modifications.
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What is the ideal location to store my officially signed estate planning papers?
Where should I store my estate planning documents? The recommended choice is likely a secure deposit box as it offers protection against theft, fire, unintended misplacement, and various forms of damage or peril. However, one potential concern is the accessibility of the box after your demise. If you opt for storing your estate planning documents…
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What should you anticipate when considering estate planning documents for yourself or your child?
Each legal firm will inquire about your family and your aspirations for the future. In the course of the conversation, be ready to respond to queries concerning your current and future medical and financial requirements. These inquiries may stir various emotions, but it is crucial to strategize meticulously for the well-being of everyone involved.
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When is it advisable to review an estate plan?
I recommend that you have your estate plan reviewed every few years, at the very least. Things change in your life. When there is a significant event, such as a death, it’s definitely a time in your life when you should have your estate planning documents reviewed. Maybe you lose a spouse, maybe you lose…
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How should clients seeking estate planning services prepare for their initial meeting?
What should I bring to the initial meeting with my legal representative for estate planning? Existing estate planning documents. Fill out the appropriate estate planning questionnaire on our “EPQs” page and submit it to a firmbefore the meeting if possible. Develop a general understanding of who will be designated as beneficiaries in your estate plan,…
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What if I relocate to another state?
It is crucial to have your estate planning documents reviewed by a lawyer authorized to practice in the jurisdiction in which you reside. The laws, procedures, and customs vary in each state, and a proficient lawyer licensed in the relevant jurisdiction will provide the most appropriate advice on the laws of that specific jurisdiction.
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How do I appoint a guardian for my children?
If you have children under the age of eighteen, you should designate a person or persons to be appointed guardian(s) over their person and property. Of course, if a surviving parent lives with the minor children (and has custody over them) he or she automatically continues to remain their sole guardian. This is true despite…
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Estate Planning for Bitcoin and Other Digital Assets – Law Firm Offers Guidance
– Bitcoin and other cryptocurrencies are becoming more mainstream and are being addressed by corporations, the media, and politicians. – Altcoins, or cryptocurrencies other than Bitcoin, are growing in popularity, leading to an increase in investing in cryptocurrency. – Estate planning lawyers are seeing cryptocurrency more commonly listed in asset lists when working with clients.…
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Understanding Your Retirement Account Beneficiaries
1. Beneficiaries of retirement accounts, such as 401(k) plans and traditional IRAs, will have to pay ordinary income tax on distributions they receive. 2. Inherited assets like bank accounts and real estate are usually passed to beneficiaries income tax free, but this is not the case with retirement accounts. 3. Distributions from pretax 401(k) accounts…