Boca Raton Estate Planning, Probate & Real Estate Blog

The music world was shocked when Tom Petty died of a prescription drug overdose in 2017. None took the news harder than the Rock and Roll Hall of Famer’s widow and two daughters from a previous marriage. In the months that followed, there were million-dollar lawsuits and countersuits as the three fought for control of the estate and determining how to create the trust outlined in the estate plan.

The widow, Dana Petty, was put in charge as outlined in the estate plan as the temporary director of the trust, but daughters Annakim Violette and Adria resented that Dana was making decisions without their input. While the widow took a more business-like approach, the daughters’ choices seemed more erratic and emotional. This led to the widow not funding the new Tom Petty Legacy, LLC. She was also concerned that the daughters would have a majority vote, which left her powerless to protect the estate from bad decisions made by the daughters.

Creating and executing a valid last will and testament is a vitally important act with far-reaching consequences. It is a final gift to loved ones, or it can be a tremendous benefit for a worthwhile charity. More than exercising good intentions, it is essential to draft a will that is legal, proper and thoughtful. The way to ensure that there are fewer or no issues in probate is to execute the will properly.

5 necessary procedures for a valid will

It is usually best to be as comprehensive as possible when drafting legal documents related to estate planning or other areas of law. However, there are certain types of property or arrangements that should not or can not be in a will.

Recognizing what should and should not go into a will helps with the probate process. It also better ensures that the decadent’s wishes are honored.

Many who move down here to Florida experience many things for the first time. While it may not be at the top of the list, having a community or homeowner association as part of a new home in a planned community may an adjustment. Twenty percent of properties in the U.S. have these organizations attached to them, but that number skews much higher here in Florida. These organizations are designed to spare the owner of a single-family home, condominium or townhouse of certain obligations while also ensuring specific standards that members believe maintain quality of life and property values.

Some owners, however, may bristle under the rules and regulations that come with these associations. There is also the not so small matter in some cases of fees that help pay for common areas' upkeep, structures, and exteriors. Memberships bind owners to certain covenants, conditions and restrictions - which means the owner may not be able to paint their front door red or park their RV in the driveway or yard.