Tag: estate-planning-documents
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“Understanding the Importance of a Living Will”
A Living Will is important for addressing end-of-life conditions such as persistent vegetative state, end-stage conditions, and terminal illnesses. It helps clarify your intentions and wishes for medical care providers, family members, or friends if any of these conditions occur. Having a valid Living Will can relieve family members of the guilt of making end-of-life…
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Understanding Testamentary Capacity in Florida Wills and Trusts
– Florida law requires a person to have testamentary capacity to create a valid will or trust. – Testamentary capacity means the person must understand their property, know their family members, understand the document they are signing, and have a rational plan for property distribution. – The person must also understand the consequences of their…
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“Reasons Why High School Students Still Need an Estate Plan”
– The federal estate tax exemption amounts are set to decrease in 2026, potentially affecting individuals and married couples with large estates. – Even people with estates below the taxable amounts should consider estate planning, as it can ensure assets go to their chosen beneficiaries and address income tax planning. – Basis, or the amount…
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Is Your Will and Estate Plan Fully Finished?
– Ensure that there are backup decision-makers (fiduciaries) listed in the estate plan for key roles such as Personal Representative, Trustee, and Power of Attorney/Agent. – Consider the possibility that the designated individuals may no longer be able or willing to fulfill their roles, and have backups in place. – Regularly review and update the…