Estate Planning

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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What Happens If I Die Without A Will Or Trust

If you die without a will or a trust, you are considered to have died “intestate”. What that means is that the Florida statutes will then determine how your property is distributed after your death.

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Should I Avoid Probate

Each situation, or each individual situation needs to be addressed to determine whether or not it’s worth it to establish a trust to avoid probate. It’s desirable often times to avoid probate because the process takes a minimum of nine months, and you, of course, have to go to court and hire an attorney to represent your interest. But, your individual situation needs to be analyzed by an experienced estate planning attorney to determine whether a trust or a will is right for you. (silence)

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What Are Some Typical Estate Planning Documents

Some typical documents that can be found in an estate plan are of course a will, a trust, a durable power of attorney, a healthcare surrogate, a living will, and a preneed guardian. There are other documents depending on the complexity of your situation.

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What Are Trusts

A trust is an entity usually created by an attorney for the purposes of avoiding probate. A trust, unlike a person, cannot die so if your assets are held in the name of the trust essentially the trust never dies so probate is never necessary. It’s important to determine with an experienced estate planning attorney whether a trust is the right vehicle for you to use.

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What Benefits Does A Trust Offer

The primary benefit of a trust is to avoid probate. A probate is the judicial supervision of distributing someones assets after they’ve passed away. People will use a trust to get out of court and to pass along their assets with little to no judicial supervision.

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What Does It Mean To Fund A Trust

Funding a trust is a very important part of the trust process. The trust itself is the vehicle that’s used to protect your assets. Once a trust has been created, we must title all of your property into the name of the trust. For instance, if you own real estate, your attorney will be preparing a deed that deeds the property from your name personally into the name of your trust. The step of funding your trust is an area that’s very important because the trust doesn’t accomplish what the trust is designed to do if your assets are not held in the name of a trust.

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I Did Some Estate Planning In The Past With My Financial Advisor Should I Still Consult An Estate Planning Attorney

If you’ve done estate planning with a non-attorney, it is important to consult with an estate planning attorney to review the documents, to make sure they’re legally sound, and that they actually put your plan into effect.

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If I Have A Revocable Living Trust Do I Still Need A Will

It’s important to have a will even if you already have a revocable living trust. We often refer to these as “pour over wills”. The trust itself must be funded to be effective. So if you later acquire assets that you forget to title in the name of the trust, the pour over will will pour those assets over into the trust, if necessary.

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Do I Need A New Asset Protection Plan Trust Or Will If Move To A New State

Anytime you move to a new estate, it’s important to consult with an experience estate planning attorney to review your documents to see if there are any changes necessary. Oftentimes, there are no changes necessary but it’s a case by case basis and you can consult an experienced estate planning attorney to determine if any changes are necessary in your particular case.

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