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

How to handle pressure to sign a power of attorney

Florida residents who are being pressured to sign a power of attorney document may be wise to resist. While such a document may be critical if an individual is unable to manage his or her own affairs, it is one that should be made free from any undue influence. In fact, if a person is pressured to give someone the power of attorney, it may be a sign of fraud.

The duties of an executor

Florida residents who are creating an estate plan may want to consider the duties of the executor that they will appoint. The first thing an executor must do is obtain death certificates so that various institutions and agencies such as banks, the Department of Veterans Affairs, life insurers and the Social Security Administration can be notified.

Wills and their limitations

Many people living in Florida may have an incomplete estate plan and not know it. The importance of having a will has been stressed for some time, which may in some cases lead people to believe that the document is sufficient for determining what happens to their assets after they pass away. This assumption is incorrect.

Estate executors and wine cellars

People living in Florida are often concerned about estate planning issues. In many cases, the primary concern is ensuring that investments are liquidated, cash assets are distributed and any personal effects go to the appropriate friends and family members. In some cases, however, someone may have a collection of valuable property that needs to be managed and distributed by an executor.

Communication with family and estate planning

Florida residents who are creating an estate plan might want to consider discussing it with family members. In fact, talking about finances can be an ongoing conversation. However, discussing money can be difficult for some people. One way to better frame the conversation might be to think about it as a conversation about values.

Naming successor trustees important

Floridians who are beginning to think about estate planning may want to try to avoid the probate process. One way for people to pass their assets on to successive generations is by establishing trusts while they are still alive. It is important to be careful when deciding who to name as a successor trustee.

Estate planning protection during incapacity

Advance planning can offer many benefits to Florida residents with family in and out of state. A thorough estate plan can shield assets, limit family disputes and minimize burdensome decisions for grieving loved ones. However, business owners and others actively managing their assets may wonder what to do in cases of brief or long-term incapacity. An example shows the potentially critical role of a power of attorney.

Possible disadvantages to a do-it-yourself estate plan

Florida residents who are planning their estate may want to use an online model. However, this could result in a plan that is prepared incorrectly or is incomplete. Working with an attorney may help to ensure that the estate plan is less vulnerable to legal challenges. For example, one common missing step that people creating a do-it-yourself plan might make is failing to fund a trust once it is created. Trusts in particular are complex vehicles that are better drafted with legal guidance.

VanNess & VanNess, P.A.