28Feb 2022 by Pat Geddie
Who Do You Want as Your POA?

Who Do You Want as Your POA?

Estate Planning
Choosing someone to act as your agent with power of attorney is a choice that should not be taken lightly. This is a person who will have an immense amount of power to make healthcare and financial decisions on your behalf. The wrong choice can cause problems for you and your family at a difficult time. Factors to Consider When Selecting a POA The first consideration is that the potential agent has the experience necessary to make decisions. For example, if the person has a financial power of attorney, they should be financially literate. The person with a medical power of attorney should be able to talk to doctors and process medical information. Second, you also want someone who is nearby to you to make decisions. This is extremely important…
Read More
31Jan 2022 by Pat Geddie
What are Intestate Succession Laws?

What are Intestate Succession Laws?

Estate Planning
It is always better to prepare in advance and have a will in place if something were to happen to you. However, Florida has laws on the books that provide more certainty if a person dies without a will. Nonetheless, your family would rather not be in a position of needing these laws. Intestate succession laws will determine who inherits property when someone does not have a will. Oftentimes, these laws would not even apply to much of your property. For example, assets such as retirement accounts and life insurance proceeds do not go through the court. So long as you have designated beneficiaries, they will receive the property directly from the institution that holds the assets without the need for court intervention. Property Shares When There Is No Will…
Read More
24Dec 2021 by Pat Geddie
Possible Complications During Probate

Possible Complications During Probate

Estate Planning
Estate planning attorneys usually advise clients who have the ability to establish trusts to keep their estates out of probate. There are reasons for this. There are many complications that could arise during probate that can delay the distribution of assets and increase your expenses. Will Contests The biggest possible difficulty is that someone will contest the will. They may claim that someone had undue influence on the testator or that there was a lack of capacity to sign and execute the will. If they succeed, the court would decline to enforce the terms of the will, and everything is then up to the probate court. These challenges can be expensive and nasty. Creditors Emerging with Large Debts Part of the probate process is settling debts owed to creditors. They…
Read More
27Nov 2021 by Pat Geddie
Protecting Your Children with an Estate Plan

Protecting Your Children with an Estate Plan

Estate Planning
An estate plan is about much more than the distribution of property. Of course, dealing with your assets is a large part of estate planning, but the entire process should be used with an eye towards working to protect your family - especially the next generation. The Orderly Transfer of Assets The main features of an estate plan are wills and trusts. If anything happens, you want to keep your children from having to go into court and go through a burdensome legal process to inherit the estate. They may not have any control over the process and will end up spending money on legal fees. Your estate plan will ensure an orderly transfer of assets. Instructions for Raising Your Children Beyond property, your estate plan should also specify what…
Read More
19Oct 2021 by Pat Geddie
Do You Need a Probate Attorney?

Do You Need a Probate Attorney?

Estate Planning
Probate is the process of administering an estate after someone passes away in Florida. Even though you are grieving a lost loved one, you still have to go through the legal process, and the individual appointed (by a will or by the probate court) will need to serve as the deceased’s personal representative, also known as an executor. While many probate cases go relatively smoothly, there are complications that can arise, which can add time and expense to the process - not to mention stress in an already stressful situation. If there is a probate dispute, there can be a lot at stake, depending on the nature of the estate. Never hesitate to discuss any concerns with a Boca Raton probate attorney if you believe you might need legal assistance.…
Read More
13Sep 2021 by Pat Geddie
Choosing the Right Executor for Your Will

Choosing the Right Executor for Your Will

Estate Planning
The executor of your will is the individual who will be responsible for honoring its contents, assessing the property in your estate, resolving debts, and distributing the remaining property as you wish. Knowing who to choose as your executor can be a difficult choice, as it is a great responsibility and can also take quite a bit of time. There are factors you should take into account when choosing an executor, and a Boca Raton estate planning attorney can help with the process. The Fiduciary Duty Executors must abide by a fiduciary duty to the beneficiaries of your estate. This means that they must complete all necessary tasks in a proper manner, manage assets prudently, and abide by the terms of the will. Fiduciaries should never act in a biased…
Read More
08Aug 2021 by Pat Geddie
Steps to Create an Enforceable Trust

Steps to Create an Enforceable Trust

Estate Planning
Trusts must be properly created in order to be enforceable. There are strict legal requirements. The last thing that you want is to create a trust only to later find out that it is unenforceable. Here are some of the requirements for an enforceable trust. Establish Intent and Purpose to Create a Trust This is one of the easier steps. You can simply state this in the trust document through your words. In addition, the trust must have a valid purpose, such as being part of an estate plan. Have the Proper Testamentary Capacity In order for the trust to be valid, you must not be incapacitated. This means that you are competent and able to enter into a contract. This is why trusts must be set up before you…
Read More
15Jul 2021 by Pat Geddie
Should You Form a Trust?

Should You Form a Trust?

Estate Planning
You have likely heard of a living trust, but perhaps you never considered whether a trust would benefit you and your family. Trusts are legal tools that many people use to achieve various estate planning goals, and the best way to know whether a trust is right for you is to consult with an experienced Boca Raton estate planning attorney. Benefits of a Trust A living trust can have many estate planning benefits, such as: Avoiding probate - Any property or assets held in trust are not required to go through the probate process. Instead, the successor trustee who you designate can distribute the property straight from the trust according to your instructions. This can simplify the probate process for your family members significantly. Greater control over distributions - When…
Read More
12May 2021 by Pat Geddie
Components of a Comprehensive Estate Plan

Components of a Comprehensive Estate Plan

Estate Planning
An estate plan is not fully effective unless it is comprehensive. Finding out too late that something is missing could cause legal issues for your family. Here is what you need for a comprehensive estate plan. Wills Your will specifies the division of your assets after you die. It is the governing document that expresses your own wishes. Without it, the court would decide who gets what from your estate.  This is perhaps the key piece of estate planning that nobody can be without. The will could also cover things like your funeral plan and your wishes for your children. Power of Attorney Your estate plan does not just take over when you die. It also helps your family as you are no longer able to make decisions. A power…
Read More
20Apr 2021 by Pat Geddie
What Happens if You Become Ill or Die Without an Estate Plan?

What Happens if You Become Ill or Die Without an Estate Plan?

Estate Planning
Lawyers often tell clients about the risks of not having an estate plan in place. This is more than just a scare tactic to generate business. Attorneys know what your family is facing without estate planning documents to guide them. A will or trust is a way for you to assert your own control over your assets and estate. Without these, the state would assume all control. Your property would end up in probate court, and it would be a judge who makes all decisions about your property. The judge would apply Florida state law to divide your property, and it may not be in accordance with your wishes. The Court Decides Asset Division Usually, it is the spouse and children who have first priority, but the division between them…
Read More