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Estate planning attorney Sarasota

What is a Spendthrift Trust and Should I Consider Implementing One for My Troubled Child?

By Asset Protection Planning, Estate Planning

A spendthrift trust is a trust created for an individual that gives an independent trustee full authority regarding how the trust funds may be spent to meet the needs of the beneficiary (the individual receiving assets from the trust). In this situation, the beneficiary of the trust is not allowed to spend the money until they receive distributions and the trustee has determined what payments are necessary according to the trust agreement. A spendthrift trust can be a powerful estate planning tool if you have a troubled child who you still want to provide for after you pass away, but who you do not believe has the capability to make sound financial decisions. A spendthrift trust is generally used in situations where a child is troubled, has an addiction problem, is irresponsible with spending, or has credit problems. A spendthrift trust is a way to control an individual’s spending of the money you have left them and alleviates the stress or worry you may feel about a having the assets you worked so hard to obtain being wasted. It also allows you to avoid going through the uncomfortable process of having to disinherit a child whom you don’t trust with money because you know, if given free reign, they will waste it or spend it on unsavory items.

 

March 6, 2018
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The Basic Steps of Probate in Florida

By Probate

Probate is the legal process of proving that a Will is valid in court and administering the estate of the decedent according to the terms of their Will. If you are the personal representative of an estate, probate can become a complex and overwhelming matter. In Florida, the probate process can be broken down into four fairly simple steps. These steps will help you acquire a better understanding of how the probate process works and provide guidelines to follow that will help you fulfill your various duties.

Step 1: File a petition and give notice to the heirs and beneficiaries

File a petition with the probate court. You will either need to admit the Will and appoint the personal representative or, if there is no Will, appoint an administrator for the estate. In some situations, you will need to provide notice of the court hearing to all interested parties, which is usually the beneficiaries and heirs.

Step 2: Give notice to all creditors                                    

Following appointment by the court, the personal representative must give written notice to all creditors of the estate that indicates the date by which claims must be submitted. A notice will need to be filed publically to notify any unknown creditors, which can be done through the newspaper. Then, the creditors must file a valid claim with the court in order to get paid.

Step 3: Pay all debts, including taxes and funeral expenses

As the personal representative, you need to ensure that all funeral bills and final expenses have been paid. Additionally, determine which creditors’ claims are legitimate and pay those that are.

Step 4: Ask for permission to transfer remaining assets to beneficiaries

Once the creditor waiting period is over and all bills are paid, you can petition the court for the authorization to transfer assets to the beneficiaries indicated in the decedent’s Will and then close or discharge the probate proceeding.

If you need legal advice regarding the probate process, please contact our office at: 941-906-1232 to schedule an appointment with one of our attorneys.

February 27, 2018
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What Is an Explanatory Letter and How Does It Relate To a Will?

By Estate Planning, Probate

An explanatory letter is a separate document that you attach to your Will. The purpose of an explanatory letter is to explain the wishes set forth in your Will. When you create a Will, it is wise to include only the specific instructions regarding disbursement of your assets, rather than going into great detail explaining why certain assets are being given to certain beneficiaries. An explanatory letter is the place to include the reasoning behind the wishes you expressed in your Will and make any necessary explanations regarding said Will. Things that you can include in your explanatory letter are: explanations about gifts, final thoughts, and instructions for what to do with a pet. An explanatory letter is not at all legally binding, but can help to clarify your intentions if your Will is in any way contested. It also allows you to have a final say on any personal matters, which can help bring peace of mind to your loved ones.

February 13, 2018
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What to Know About Having Witnesses Present at Your Will Signing

By Elder Law, Estate Planning

When you create a Will, you must obtain signatures from at least two witnesses at the time you sign it for it to be considered valid. The purpose of having two witnesses is so that, if the validity of your Will is ever challenged, they can both attest to your state of mind. These witnesses do not have to read your Will or even be aware of its contents, they just have to be able to certify that you were competent when you signed it. If you are working with an attorney, they should make you aware of this information and help explain the process of having a document witnessed. However, it is good to know some general information regarding rules for witnessing so that you feel more prepared when the time comes to make your Will official or update it.

If you would like to choose your own witnesses, be careful who you pick. Select individuals that are credible and will likely live longer than you, in case they are later asked to testify about the validity of your Will. If possible, avoid having beneficiaries of your Will also be witnesses, as this could be considered a conflict of interest. However, having a beneficiary or interested person witness the Will does not automatically invalidate the Will. If you would rather not choose witnesses, the attorney that you have been working with will likely have paralegals or legal assistants on-hand that can serve as credible witnesses. This eliminates the added stress of having to choose your own witnesses and bring them to the signing. At Bach & Jacobs, members of our team generally serve as witnesses during Will and trust signings.

Make sure you have the right number of witnesses, as every state requires that you have two individuals sign your Will in order for it to be legally binding. Additionally, these witnesses must sign your Will in front of you. Generally, your witnesses will sign the Will immediately after you do.

 

February 9, 2018
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How Does Remarriage Affect Estate Planning?

By Estate Planning

As our society has increasingly high divorce and remarriage rates, more individuals are faced with the task of updating or revising their Estate Planning documents to account for their change in partner. However, remarriage can make Estate Planning quite complicated, especially if each or either spouse has children by a previous partner.

The first step in updating your estate plan if you plan on getting remarried is to review yours and have your current partner review theirs. If you both decide that you would like to continue to keep your assets separate and leave everything to your respective children, then you will need to contractually agree to this by entering into a prenuptial agreement or “prenup”. At this time you may want to amend your advance health care directives and medical release forms as well.

If you have further inquiries, the skilled attorneys at Bach & Jacobs can assist you with Estate Planning. Please call our office at 941-906-1231 to schedule an appointment.

January 12, 2018
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Recent Survey Has Found That More Than Half Of Americans Currently Do Not Have A Will

By Estate Planning

A survey of approximately 1,000 adults, conducted by the Princeton Survey Research Associates International in January of 2017 indicates that only approximately 42% of Americans adults have created Estate Planning documents such as a Wills or Living Trusts. Furthermore, it reports that, out of American adults who have children, only 36% have developed estate plans. While it is understandable that many Americans do not want to think about their deaths and likely put off writing a Will or participating in Estate Planning due to this, it is important to remember that processes such as these can help ensure that your loved ones have financial security after you are gone.

Another reason that individuals many not create Wills is because they do not believe that they have an amount of assets that is substantial enough to have value to anyone. However, regardless of age or economic status, you should create a Will so that your wishes regarding your property and personal belongings are followed. Additionally, making a Will can help bring any individual peace of mind and a sense of certainty.

If you have any inquiries regarding Wills or other Estate Planning documents, please contact our office at: 941-906-1231 to set up an appointment with one of our talented attorneys.

January 2, 2018
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What is Your Estate Planning IQ?

By Estate Planning

Kiplinger.com has a new quiz that allows an individual to assess their smarts when it comes to Estate Planning, Wills and Trusts. This quiz is multiple choice, consists of ten questions, and will give you your results once you have completed it. Additionally, the quiz will provide you with an answer to each question as well as an explanation of that answer immediately after you submit it. Click the following link to test your knowledge of Estate Planning:

http://www.kiplinger.com/quiz/retirement/T021-S001-know-about-wills-test-your-estate-planning-smarts/index.html

Didn’t score as high as you had hoped or still have questions? The skilled attorneys at Bach & Jacobs have a great deal of experience when it comes to Estate Planning. For assistance regarding these matters, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.

December 19, 2017
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When Can I Contest a Will?

By Estate Planning, Probate

Florida law gives individuals the power to contest Wills in the cases of fraud, mental incapacity or undue influence. In Florida, you can challenge a Will within the statute of limitations before the probate is complete. Additionally, if the Will has not yet been submitted to the court, you may challenge it. If the Will has been admitted to probate court and you have been notified of the submission and probate administration, then you have three months to file paperwork challenging the Will. However, if you did not receive the notice, then you may file after more than three months have passed as long as the probate process has not been completed.

You are allowed to file a Will contest in Florida if you have evidence that the will is not representative of the decedent’s wishes. You are also able to contest a Will if you have proof of undue influence, incapacity, or fraud.  Incapacity refers to a situation in which an individual did not have the mental capacity to understand the document they were signing, and undue influence refers to a situation in which the decedent was coerced or otherwise pressured into signing the Will.

For assistance regarding these matters, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.

 

December 12, 2017
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How to Choose a Personal Representative for Your Estate: Attributes of the Personal Representative

By Estate Planning

Being the Personal Representative of an Estate is a solemn responsibility. Therefore, you should choose an individual that is honest, diligent and reliable. Most people opt to designate a family member that they are close with as their Personal Representative, but if you do not believe that any of your family members are up to the task or do not want to burden them in an already difficult period, you may want to consider asking a trusted friend. However, make sure that this individual is in good health so that they will still be around and able to perform their duties by the time you pass away.

If you are not comfortable naming a friend or family member Personal Representative of your Estate, you always have the option of naming a third party Personal Representative in your Will, such as a bank, trust company, or legal professional with experience in Estate Planning.

For assistance regarding this matter, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.

November 7, 2017
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How to Choose a Personal Representative for Your Estate: Duties of the Personal Representative

By Estate Planning

A Personal Representative of a Will is the individual who is appointed to administer your estate and carry-out the wishes set forth by you in your Will. This is one of the most important decisions that you will make when preparing your Will, so it should not be taken lightly.  The responsibilities of a Personal Representative include, but are not limited to: filing court papers to start the probate process, taking inventory of your estate, preparing/filing final income tax returns, distributing assets to your beneficiaries and, ultimately, notifying banks and government agencies of your passing as well as using your estate funds to pay bills.

October 31, 2017
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