Estate Planning

What Makes A Will Legal

What makes a will legal is that the intent of the person writing the will can be discerned and most importantly, it must be executed with the proper formalities. It has to have the proper number of witnesses, a notary acknowledgment, to be found to be a valid will in the state of Florida.

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What Will I Have To Pay For The Attorneys Services

Many times when you hire an attorney to assist in a residential real estate transaction, you can retain their services for a flat fee. On more complex transactions, an attorney may charge you an hourly rate.

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When Should An Estate Plan Be Reviewed

An estate plan should be reviewed every few years, if you relocate to a different state, it’s a good idea to have an attorney look over your estate plan, but as your situation changes, as a general rule of thumb, every two to three years. It’s a good idea to have an experienced attorney look over your estate plan to make sure there are no adjustments to be made or any necessary changes.

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Who Needs Estate Planning

Everyone needs estate planning. It’s a common misconception that only people with vast amounts of wealth need to do an estate plan, but really anyone with children should consider an estate plan. Part of an estate plan is who will be the guardian of your child if you were to die before they are the age of 18, so anyone with the family, or any assets should consult with an experienced estate planning attorney to determine what their needs are.

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What Is Estate Planning

There are many documents that go into estate planning, the most common of which is a will. An attorney is going to ask you to bring a list of assets to determine what type of vehicles are best for your needs. Whether or not you need a trust, and if so what type of trust. They will also address things like a durable power of attorney, a medical power of attorney, a living will and whether there’s a need for a pre need guardian. There are many facets to an estate plan that you should consult with an experienced attorney to discuss.

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What Is The Attorneys Role In The Estate Planning Process

The attorney has an important role in the estate planning process. First, the attorney’s going to sit down with the client and analyze what their needs are, determine if they need a simple will, a trust, a special needs trust. The attorney will then draft the documents to make sure that the estate plan can be put into effect, and that it’s legally sound.

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What Is A Durable Power Of Attorney

To understand what a durable power of attorney is, it’s important to understand what a basic power of attorney is. A power of attorney, you appoint someone as your agent. This person can act on your behalf in your financial affairs. A durable power of attorney is the type of power of attorney when a person becomes incompetent, can no longer make decisions, the power of attorney is still in force and effect if it’s a durable power of attorney. If it’s not a durable power of attorney, once the person loses the competence, the agent can no longer act on their behalf.

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What Is A Will

The most basic way to explain a will is it’s a document that designates where you want your property to go after you have passed away. The will will appoint a personal representative, which is the person charged with distributing your property to heirs, also paying your debts after you have passed away. It’s important that a will is executed with the proper formalities, because in the State of Florida, if a will is not executed properly, it will be found to be invalid by the court.

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What Does Tenants In Common Mean

Tenants in common means that you each have an undivided interest in the property. For instance, if there are three owners of property, each owner has a one-third undivided interest in the property. If one of the owners were to pass away, their one-third interest would pass to their heirs or to their beneficiaries under a will.

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What Forms Of Payment Are Acceptable At The Closing

Typically, most attorneys and title companies will require a wire transfer at closing because of the amount of fraud that’s around today with cashier’s checks, wire is the safest way to get money to the closing attorney or the title company, however, you should always verify on the phone, the wiring instructions with the person that’s sending them to you to make sure you’re sending them to the right place.

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