VanNess & VanNess, P.A.

April 2018 Archives

Prince heirs still waiting to collect money from estate

According to a news report, the heirs of former rock star Prince have not yet received their inheritances. Prince had an estate worth approximately $200 million when he died. Florida residents may be interested in learning that Prince never established an estate plan. He never even wrote out his last will and testament. Consequently, settling the estate is stalled by the fact that the executor does not agree with the Internal Revenue Service (IRS) regarding the estate's actual value.

Why it is important to review your estate plan

Florida residents may not like the thought of reviewing their estate plans; for many people, thinking about their deaths isn't a pleasant experience. However, failing to review an estate plan could result in gaps that make it harder for a person to have his or her final instructions carried out. By reviewing an estate plan regularly, individuals can be sure that their beneficiary designations are up to date.

Modern estate plans include access to digital assets

Email accounts, social media profiles and cryptocurrency are just some of the more common digital assets for people in Florida. Someone building an estate plan should include information about how to access online data because finding passwords after a death can prove difficult for heirs. To start the process, an estate holder should write a list of all online accounts and their login credentials.

Plan ahead to help loved ones grieve

Even the healthiest Pennsylvania residents know they will eventually pass away. Loved ones left without clear directions may have difficulty in determining the way forward regarding assets and belongings of the deceased. With even limited estates, it is common for surviving relatives to have extended disagreements regarding distribution of assets. A carefully considered estate plan can eliminate confusion, prevent squabbles and help loved ones grieve by knowing the exact wishes of deceased loved ones.

Handling spousal debts after death

People in Florida may be wondering how best to care for and protect their spouses after they pass away, especially with the many estate planning options available. One concern that many have is how debts will be handled after their death. There is a great deal of confusion about what, if any, liability a surviving spouse may have for their late partner's debts.

Human learning could make autonomous vehicles less safe

Florida drivers may wait longer than predicted for autonomous vehicles to become common the roads if the analysis of one computer professor turns out to be correct. According to the professor, the major error of those researching and building autonomous vehicles is that the vehicles are learning human driving behavior. The professor says this inherently makes the vehicles less safe.

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