As you immerse yourself in the estate planning process in Florida, one important element to consider is preparing for the potential of taxes. Most people come to us here at the Law Office of Cheryl Bucker, P.A. assuming that both the local and federal government will take taxes from their estates. Yet that may not necessarily be the case.
You may have finished writing down everything that you want your heirs to inherit in your will, but you have not wrapped up your will until you name someone to be your executor. Your executor will have the task of closing out your estate and making sure your heirs receive whatever you have promised. Now you need to think of who would make a good executor.
Almost everyone has social media accounts these days. You may think that after your death, your family can close the account and announce your death to your followers. However, this is not always possible.
The probate process serves a basic but needed purpose. The court authenticates your will and legally transfers ownership of your assets to your intended beneficiaries after you die.
One of the most important reasons for parents to create an estate plan when they have minor children is to provide directions on what should happen with the guardianship of their children in the event they die.
FindLaw explains that what happens to children when a parent dies will depend on whether the other parent is alive and the existing custody arrangements.
The death of one parent
If one parent dies but the children’s other parent is still alive, then the other parent will usually get custody of the children. The exception is if there was a situation of abuse or where the court limited or revoked parental rights from that parent.
If the other parent does not have custody rights, he or she may get temporary custody until the court can change the order. In the event the other parent is not in the picture but there is a stepparent, the stepparent can obtain temporary custody and go to court to seek legal custody of the children.
The death of both parents
If both parents die or the other parent is not able to take custody of the children, the court allows anyone to petition for custody, according to The Ledger. The court will consider anyone who has an interest in the care of the children as a potential guardian.
If a parent wants a specific person to be the guardian, he or she should put this in an estate plan. Parents can also complete a declaration of preneed guardian document, which they file with the court. This document also allows parents to state who can never be a guardian of their children.
If nobody offers to take custody and the parents did not have a legal guardian in place, then the children will become wards of the state and enter the foster system.
A power of attorney enables a third party to manage some element of another party’s life while they are still living. There are multiple forms of powers of attorney and understanding them is important for anyone creating an estate plan.
