The Equivocal Estate Plan

You have probably heard that, when it comes to estate planning, you can never put too much thought into the details. The more meticulously your medical advance directive describes the treatments you do and do not want, and the more carefully your will describes each item of property that it leaves to each family member, the better. Florida has seen plenty of probate cases in which wealthy people had left ambiguities or unfinished business in their estate plans, leading to extended legal disputes among their surviving relatives in probate court. This may be true, but perhaps you have also heard that the perfect is the enemy of the good. An estate plan that has a few mistakes might cost your relatives more money during probate than a spotless estate plan would do, but creating an imperfect estate plan is exponentially better than dying intestate simply because you were too intimidated to write a will. If you are feeling stressed about the future in general and the upcoming holiday season in particular, then making a dent in your estate plan is a great way to rein in your anxiety. If you feel too stuck to get started on your estate plan on your own, contact a Tampa estate planning lawyer.

An “I Love You” Will Is Fine for Young Parents

If you have young children, you probably feel like your situation is changing all the time. Your children outgrow their clothing and furniture almost as quickly as you buy it. School and childcare schedules change every year. You might hope that, someday, you can move your family into a house where you have more room, even though you are not sure how you will do it, since you are currently living paycheck to paycheck. You might doubt that your situation is stable enough for you to write a will, or that you own anything for anyone to inherit.

People with minor children need a will even more than people with adult children do. Your will should include provisions about your children’s care in the event that you and your children’s other parent both die while the children are minors. You should indicate who the children would live with if that happened. Since minors cannot access their inherited property directly, you must also indicate who should be the guardian of the children’s property and dispense money for their care under the supervision of the probate court. The guardian of the children’s property does not have to be the same person who lives with them.

Estate planning lawyers often disparagingly refer to a will where you leave all your property to your spouse, or if your spouse predeceases you, to your children, as an “I love you” will. They warn of the trouble these wills cause when one spouse dies and the other never updates the will, even after remarrying or living with a romantic partner. For the time being, an “I love you” will is sufficient. It will at least get you through this pay period and this holiday season.

Contact David Toback About Estate Planning for the Baby Stage

A Central Florida estate planning lawyer can help you take baby steps toward your estate plan.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

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