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VanNess & VanNess, P.A.
Toll Free: 866-697-6221 Local: 352-436-4333 Over 100 years of combined experience

The importance of an estate plan for Florida residents

One thing that may occur in the not too distant future is the elimination of the federal estate tax. It is something that President Trump called for during his campaign, and it has some people wondering if they'll still need to worry about creating an estate plan if they do not have to deal with the issue. However, there's a lot more to an estate plan than just mitigating the tax burden to heirs.

Digital assets and estate planning

Some Florida residents who are creating an estate plan may think of assets as tangible things, but they might own digital assets as well. These can range from libraries of music to Bitcoins to credit in accounts, domain names and online businesses. Some digital assets, such as photos, do not have monetary worth. However, it has been estimated that worldwide, people own $35,000 to $55,000 worth of digital assets on average.

Accidents caused by vehicles that failed to brake

Drivers staring at cellphone screens instead of the road ahead are a worryingly common sight in Florida, and this has led to a sharp increase in distracted driving crashes. Accident investigators may suspect distraction was a factor when motorists who were involved in collisions failed to apply their brakes, but there may be other reasons no evasive action was taken. Modern automobile braking systems are highly sophisticated, and minor defects or mistakes made by mechanics can sometimes cause them to fail.

How to create a proper estate plan

Florida residents are doubtlessly familiar with the old adage that nothing is certain in the world except for death and taxes. While death may be certain, what happens to a person's assets after he or she passes on depends on whether or not he or she made an estate plan. A basic plan usually consists of a will, living trust and power of attorney, and it should be reviewed periodically to ensure that it says what its creator intends.

How autonomous cars may influence claims and lawsuits

Florida residents may have heard that several companies have been developing self-driving vehicles that do not need a driver to operate. Numerous prototypes have already taken to the roadways and technology only continues to improve towards the goal of a fully autonomous vehicle. However, it is expected that these vehicles will have an impact on the types of claims and lawsuits that are filed.

Steps to creating an estate plan

Most Florida adults should create an estate plan, but they might be overwhelmed by the idea and not know where to start. However, an individual can take a methodical approach to the process. It may be best to work with a professional because if an estate plan is not prepared correctly, the individual's wishes might not be carried out.

The roles and responsibilities of an estate executor

There are several steps that a Florida resident must take when administering an estate or a trust. First, he or she should order at least 10 copies of a death certificate, which may be done in coordination with a funeral director. If probate is necessary, an administrator must generally wait until the court appoints that person to be the representative of the estate.

VanNess & VanNess, P.A.