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Elder Law 101- Back to School Edition
Greetings!
Since this is the time of the year that children go back to school, I thought that for the next few weeks, we might go back to school with them! So here is the first installment of Elder Law 101!
Wills - What They Can Do and What They Can't Do!
A will is a legal document that controls how and when certain assets are distributed at our death. Since people do not like to think about their death, many people do not have a will. Some think they don't have enough assets to do a will. Others think they don't need a will because everything they have is held jointly or payable on death.
This is a mistake! A will is needed in some cases even to distribute personal property or a car. It can name a person to make funeral decisions. A will is a basic estate planning document that everyone should have. It keeps things tidy!
However, a will won't . . .
distribute property you own with another or payable on death or with a beneficiary. These assets go according to the title. Only assets in the decedent's name alone are subject to the will. A will won't and can't override the title of the asset. avoid probate. Probate is needed any time assets are owned individually and it is the probate proceeding that determines, in accordance with the will, how these assets are distributed. update itself. This is especially true for out of state wills! Never mind trying to locate those witnesses!
prevent your heirs from fighting. Good, comprehensive estate planning, however, will go a long way in preventing will contests and hard feelings.
fix it's mistakes because it was not done by a lawyer. A well-drafted will includes certain provisions particular to the state and does not include others. For example, ordering your home to be sold and the proceeds distributed (very common in other states) will effect your Florida homestead protection against claims of creditors. Have your legal documents done by a competent legal professional and save your family confusion, stress and aggravation.
Next week: Trusts |
