peter-j-snyderTitle Disputes: When One Party Doesn’t Want to Sell2022-12-07T23:31:38Z2022-12-07T23:31:38Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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If you co-own a property and want to sell, but the other party doesn’t, you may wonder what your legal options are. The situation is quite common. When co-owners do not agree on the sale of the property, they may feel that litigation is the only option to resolve the dispute. However, that is not correct.
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As a real estate attorney, Peter J. Snyder regularly handles title disputes that arise between property co-owners. Attorney Snyder helps clients resolve real estate disputes as swiftly and efficiently as possible. With an office in Boca Raton, Florida, Mr. Snyder works with clients in Delray Beach, Deerfield Beach, and the rest of the state.
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Reasons One Person Won’t Sell
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There are several reasons one person may refuse to sell the co-owned property when the person they share ownership with wants to sell. Common reasons one person won’t sell are:
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Inheritance
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. If a person inherited the property from their parents or grandparents, they are less likely to want to sell the property. Many people tend to hold on to heirlooms because there are many memories attached to those properties.
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Divorce
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. Two soon-to-be-ex-spouses can argue about a lot of things, including whether or not to sell property, when going through a divorce. In fact, who gets what and what to do with co-owned property tend to be some of the most contentious topics when ending a marriage.
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Regardless of the reason why one party does not want to sell, the other party may wonder how to get out of co-ownership of property. In this situation, a partition may be the best option for everyone involved.
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Understanding Partitions
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At this point, you might ask, “
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What can I do if I want to sell, but the co-owner doesn’t want to?
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” You may need to opt for what is known as partition. The term “partition” refers to the process of dividing real/personal property owned by more than one individual or entity. A partition lawsuit can be filed when a title dispute arises. The purpose of partition is to divide the co-owned real estate or sell it and divide the proceeds.
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Courts recognize three types of partitions:
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Partition by sale
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. When one party wants to sell the property but the other party doesn’t want to, the court may order the forced sale of the property.
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Partition by kind
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. When title disputes over co-owned property arise, the court may order the division of property in an equitable manner, allowing each co-owner to keep a certain percentage of ownership.
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Partition by appraisal
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. If one of the co-owners refuses to sell the property, the other co-owner(s) can buy out that party’s share for the appraised price. However, all parties must agree to partition by appraisal before the court can order it.
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Yes, a partition may be the only option to resolve a title dispute in which one co-owner does not want to sell the property. However, the partition process can be complicated and confusing, which is why you’ll need the assistance of an experienced real estate attorney to help you.
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Dividing the Proceeds
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Many people resolve title disputes by filing a partition lawsuit to force the sale of the property. If the sale of real estate is forced by the court, the proceeds will be divided among the co-owners based on their interest in the property. Before the proceeds are divided, attorney’s fees, referee’s fees, liens, commissions, and other sale-related costs will be deducted from the amount.
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When dividing the proceeds, courts may consider a number of factors that may affect the co-owner's interest ownership. That is why consulting with a knowledgeable attorney is crucial to understand your rights when selling property and dividing the proceeds.
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Turn to Peter J. Snyder, P.A.
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When title disputes where one party does not want to sell arise, Peter J. Snyder has extensive experience representing both sides of the dispute. As a real estate attorney in Boca Raton, Florida, Attorney Snyder helps clients negotiate a favorable settlement and defend their interests in and out of court. Schedule a consultation with Mr. Snyder to discuss your unique case.
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</div>Real Estate LawNecessary Inclusions in a Real Estate Contract2021-03-31T22:28:17Z2021-03-31T22:28:17Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Real estate purchasers in Florida are often at a loss for understanding what conditions of the sale should be established in writing and included in the deal. Real estate transfers can appear as relatively simple transactions, but the truth is that they can be very complicated when misunderstandings exist between contracting agents. Although there are multiple details that should be included, there are three primary components that must be spelled out in writing for all parties.
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Financing terms
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Any real estate sales agreement will typically include a financing institution of some type even when the purchaser is making a significant down payment. Each party to the agreement should be listed with a designated purchase price and interest rate included in the mortgage. In addition, all real estate agents should be identified as well.
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Home inspection report
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All real estate structures are sold contingent on the building or home passing an inspection that must be completed prior to finalizing the transfer. A third-party inspection team can evaluate the home and check for items such as potential radon gas issues that cannot be noticed without special equipment. All structures must be up to code with any acceptable defects being identified to avoid any potential litigation for unforeseen problems.
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Closing cost responsibility
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One of the primary functions in any real estate transaction is performed by the attorney handling the closing. The closing designates when a sale goes to escrow and includes when payment will be made and official control is transferred to the new owners. Not all sales will go to escrow, but many do and it carries both advantages and disadvantages.
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There are indeed multiple issues that must be stipulated in any comprehensive real estate contract, and having an experienced Florida real estate attorney is vital. Real estate deals can fall through when all potential issues are not addressed firsthand, and the ensuing litigation can be costly.
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</div>Real Estate LawWho Can Be a Trustee in Florida?2021-03-03T23:25:52Z2021-03-03T23:25:52Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Trusts can be a great tool for estate planning. In a trust, one party puts assets into an instrument that a trustee manages. This individual looks after the funds until they pass to a beneficiary. In Florida, almost anyone can be a trustee as long as he or she is an adult of sound mind. A corporation, like a bank, can also act as a trustee. So can a professional, like a lawyer. In some cases, testators choose a family member or friend to be a trustee.
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How Revocable Trusts Work
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Revocable trusts are instruments that allow people to pass assets on to their families quickly upon their death. After the creator’s death, funds in the trust don’t have to go through the process of
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. They can pass to the heirs quickly. Sometimes, people talk about tax benefits in association with revocable trusts. This is a complicated issue and should be discussed with an accountant.
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A Trustee’s Duties
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Being a trustee is a big responsibility. Trustees must invest and account for the funds entrusted to them. Upon the death of the trustor who created the revocable trust, they are responsible for paying taxes and expenses. Then they must make distributions to the heirs according to the wishes of the trustor.
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During the time a trustee manages assets, he or she must deal with taxes. He or she also must communicate clearly with other involved parties, like beneficiaries. It can be a good idea to consider hiring a professional as a trustee. An attorney understands the fiduciary duties required of a trustee. A lawyer may also be able to provide advice about effective estate planning in general.
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</div>Estate PlanningWhen Can You Contest a Will?2021-03-03T23:22:53Z2021-03-03T23:22:53Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Your loved one’s will in Florida doesn’t have to be the last word on their estate. You can’t contest the will because you don’t like the outcome, but you could contest the will if you suspect that it’s not legally binding. A judge might use an earlier version of the will or distribute your loved one’s assets according to state law instead.
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When Can You Challenge a Will?
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During
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probate, you could contest a will if you believe that it’s not legally binding. Even a relatively minor issue like not having enough witnesses could invalidate their will. In Florida, your loved one needs to find two objective witnesses who can watch them officially sign the will. Your loved one also has to follow specific procedures to show that they’re acting of their own free will.
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You could also contest the will if you suspect that you’re dealing with a fraudulent will. For example, a third party could have written a fake will that gives them most of your loved one’s assets. They might tell your loved one to sign the document, claiming that it’s something completely different. Your loved one signs the will without realizing that they just gave away most of their estate. A probate attorney could help you prove that your relative signed a fraudulent will.
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Is Contesting a Will Worth the Effort?
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Even with an attorney’s help, contesting a will is a long process that can delay probate for weeks or months. Some people contest wills because they’re not satisfied with the inheritance that they received. For a successful will contest, you’ll have to prove that your loved one was tricked or misled somehow. Otherwise, the judge might rule that the current will is valid even if the heirs aren’t happy with the outcome.
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</div>Estate PlanningBest Time of Year to Sell a Home in Florida2021-02-08T23:20:53Z2021-02-08T23:20:53Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Many people looking to sell their home falsely believe that they have a short window to do so each year. However, sellers in Florida should inform themselves of the benefits of marketing their home during every season.
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Spring
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Selling your home during the spring allows nature to help you improve your curb appeal. When people pull into the driveway to check out your home, they will take note of colorful flowers and other scenery that work together to make your home more appealing. It is also worth noting that industry experts say that spring is the season with the most home buyers.
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Summer
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When all the buyers who don’t find what they’re looking for during spring get more determined than ever to buy a new home, the summer market heats up. Depending on your market, if home prices are high during the spring, you may be able to get even more out of your home by waiting to sell during the summer.
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Autumn
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Typically, the people who look for a home to buy during autumn are more serious about finishing a deal. While the market may be flooded with buyers who are “just looking” in spring and summer, fall home buyers are typically motivated to get the deal done. Whether it’s because they lost a bid during the warmer months or because they decided to wait, autumn provides a great chance to sell your home.
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Winter
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Some buyers want to be in a new home before the holidays so they can plan family festivities. Having your home on the market during winter may reduce curb appeal, but you can have it staged in a way that illustrates holiday warmth. There may not be as many buyers during winter, but the ones who are looking will be determined.
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While your real estate agent can provide invaluable information, don’t be afraid to also employ the services of an attorney who knows Florida real estate law. This attorney can help in reviewing contracts and ensure that everything is operating within the framework of the law.
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</div>Real Estate LawCommercial Real Estate Investing in Boca Raton, FL2021-01-14T23:17:35Z2021-01-14T23:17:35Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Commercial real estate also referred to as CRE, has recently become a more popular choice among real estate investors thanks to its growth potential and ability to provide passive income. If you are considering investing in CRE in Boca Raton, Florida, there are certain things you should know before you begin your career as a real estate investor.
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Different Types of Commercial Real Estate
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While residential real estate is a pretty cut and dried proposition, commercial real estate has many more possibilities. Multifamily, special purpose, industrial and office spaces are all
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types of commercial real estate
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Study Your Market
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If you live in an area with very few families looking to rent an apartment, you probably shouldn’t invest in a multifamily apartment building. Knowing what type of properties are profitable in your target market can be the difference between success and failure as a real estate investor.
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Study Your Property
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Once you select the property in which you want to invest, you should take advantage of what investors call a “period of due diligence.” During this part of the process, you will need to carefully review financial statements pertaining to the subject property, conduct a feasibility survey and perform any other research needed to protect your investment.
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All real estate transactions constitute both business and legal proceedings. If you are going to dive into the world of commercial real estate investing, you should also invest in an attorney who knows the laws that govern real estate in your state. A lawyer can help you gather information about a subject property and ensure that you are operating within the framework of the law as an investor.
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</div>Real Estate LawThe Drawbacks to A Do-It-Yourself Estate Plan2020-12-30T22:42:59Z2020-12-30T22:42:59Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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People in Florida who are wondering whether they should simply write their own will or estate plan without seeking legal assistance should keep in mind that not everything that is permissible is necessarily a good idea. Preparing a do-it-yourself estate plan might be one of those things.
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The Basics of Estate Planning
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Some people might assume that they do not need an estate plan because they have few possessions of value and they think of an estate plan as synonymous with a will. In fact, there is a lot more to estate planning. At a minimum, you might want to consider who you want to make health care decisions for you if you are unable to do so. You might also want to think about whether you wish to appoint a loved one to manage your finances if you are incapacitated. For example, if you share a home with someone else and you become incapacitated, the other party might be unable to access your bank account to pay rent and other bills without a financial power of attorney.
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Other Complications
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Not knowing what may be necessary based on your situation is one danger of creating an estate plan on your own. Another is preparing the documents improperly. You might use the wrong legal language or make other errors, such as not realizing that any beneficiary designations you have completed may override your instructions in a last will and testament.
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Getting Legal Help
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Preparing an estate plan is a complex process. Most people are not aware of the types of documents they need or what strategies could be effective based on their particular circumstances. An attorney may be able to help in preparing a simple estate plan or with a more complex one that involves a trust and other documents.
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</div>Estate PlanningReasons Why Your Estate Might Be Subject to Probate2020-12-22T22:39:09Z2020-12-22T22:39:09Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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If you are a Florida resident when you die and own any property in your own name without naming a beneficiary, your estate will be subject to administration, also known as probate. This is generally true whether you die with or without a valid will. A probate proceeding may also need to be initiated if you own real estate with another person. However, probate may be avoided by owning property in a revocable living trust.
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What Happens During a Probate Proceeding?
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The overall goal of probate is to transfer assets from your estate to beneficiaries as directed in your will or in accordance with state intestacy laws. State intestacy laws will also likely determine who gets your property if your will is found to be invalid.
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What Happens if A Beneficiary Dies Before You Do?
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In most cases, you must name your spouse as the beneficiary of a 401(k). If they were to die before you do, the asset would go back into your estate, assuming that there were no alternate beneficiaries with a claim to it.
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Ownership Rights to A Home Can Be Passed Through a Will or Trust
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If a home is titled as a tenancy in common, your ownership interest in that property isn’t necessarily acquired by the other owner or owners. Instead, you have the option of passing it to an adult child or anyone else who is legally allowed to receive and own property. In the event that the ownership interest is placed in a trust, there would be no need for probate as it is not being held in your estate.
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A probate administration attorney may help you learn more about what the process entails. This attorney might review your will or other estate plan documents to determine if they adhere to state law. He or she may also answer any questions that your estate representative has about how to settle your affairs in a timely manner.
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</div>ProbateIs DIY Estate Planning a Good Idea?2020-12-15T22:36:12Z2020-12-15T22:36:12Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Planning your will in Florida allows you the opportunity to make sure things go smoothly for your family members after you pass. An improperly or incorrectly executed will could end up failing to achieve your goal of having your wishes followed.
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<span style="display: initial; font-family: 'Be Vietnam'; color: rgb(40, 53, 62); font-weight: bold;">
What Is DIY Estate Planning?
</span>
</h2>
<p>
<span style="display: initial;">
Do-it-yourself or DIY estate planning has become more popular in recent years due to its lower cost. A DIY will is created entirely online by the person who is creating his or her last will and testament. While it might be tempting to go this route, there are several potential dangers of DIY estate planning to be aware of.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
The biggest issue with a DIY will is that simple mistakes in wording can lead to major hassles for your family down the road. For example, if you name your children as beneficiaries in your DIY will, you might automatically assume that they’ll outlive you. If you use a DIY planning document and fail to ask yourself several “what if” scenarios such as what if your child or spouse passes before you do, it could lead to much confusion for surviving family members.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
Another risk of DIY estate planning is a lack of thorough understanding of how the legal process works upon one’s death or incapacity. The entire purpose of estate planning is to prevent conflict with your family in the future. DIY planning can fail to achieve this purpose and even make matters much worse and more costly for your loved ones. A worst-case scenario is that major mistakes won’t be discovered until it’s too late, and your family will be left to deal with the aftermath.
</span>
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<p>
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<span>
</span>
</span>
</p>
<h2>
<span style="display: initial; font-family: 'Be Vietnam'; font-weight: bold; color: rgb(40, 53, 62);">
When Should You Think About Estate Planning?
</span>
</h2>
<p>
<span style="display: initial;">
<span style="display: initial;">
You’ve worked hard for your possessions, and now is the right time to think about estate planning. For assistance with
</span>
</span>
<a href="https://www.snyderlegalgroup.com/estate-planning" target="_blank" style="display: initial;">
basic estate planning
</a>
<span style="display: initial;">
, consider consulting with an attorney.
</span>
</p>
</div>Estate PlanningUnderstanding the Process of A Commercial Real Estate Disposition2020-11-11T22:31:17Z2020-11-11T22:31:17Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
There are many moving parts within the commercial aspect of Florida real estate. Some aspects can be used to improve a home’s value while others allow the owner to utilize the property for the pursuit of a business venture. Of these includes the disposition of real estate. This is when you liquidate property to obtain additional cash. The following includes further information on this term as well as tips on how to properly navigate it to ensure the best results possible.
</span>
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<p>
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<span>
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</span>
</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
What Is a Disposition in Real Estate
</span>
<span style="display: initial; font-weight: 700;">
?
</span>
</h2>
<p>
<span style="display: initial;">
<span style="display: initial;">
Disposition in
</span>
</span>
<a href="https://www.snyderlegalgroup.com/real-estate-law" target="_blank" style="display: initial;">
real estate
</a>
<span style="display: initial;">
<span style="display: initial;">
is the process of liquidating assets in order to obtain cash quickly. People will use these funds to expand their business or simply have additional cash on hand. Disposition is often thought of as the last step in investing in real estate. You’ve probably heard the process before as it is often mentioned in popular television shows as a “fix and flip.” Investors purchase a property, fix it and then flip it to obtain a profit.
</span>
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<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: bold; color: rgb(40, 53, 62); font-family: 'Be Vietnam';">
Tips to Keep in Mind
</span>
</h2>
<p>
<span style="display: initial;">
Timing is an incredibly important part of when you should sell a property. This is why it is important to hire a commercial broker to educate you on your location’s market. A broker may also teach you about playing hard to get. Although you don’t want to take the first offer that is presented to you, it is important to keep buyers up to date about the deal.
</span>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
Another important tip is to have all your documents ready to go. This is imperative because you want to be transparent with your real estate agent and any buyers that place an offer. It may also keep you safe from
</span>
</span>
<a href="https://www.fool.com/millionacres/real-estate-basics/real-estate-terms/what-disposition-commercial-real-estate/" target="_blank" style="display: initial;">
potential lawsuits
</a>
<span style="display: initial;">
<span style="display: initial;">
regarding your property’s condition or occupants.
</span>
</span>
</p>
<p>
<span style="display: initial;">
As you can see, there are many aspects of this process. Having legal assistance from an attorney may place you in a better position to see a positive end result.
</span>
</p>
</div>Real Estate LawCan Account Beneficiaries Override Your Will?2020-10-28T23:36:09Z2020-10-28T23:36:09Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
When you’re writing a will in Florida, it might seem safe to assume that your will overrides everything, even the beneficiaries on certain accounts. However, there are situations where account beneficiaries can override your will. Here’s what you need to know about wills and beneficiaries.
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</p>
<p>
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<span>
</span>
</span>
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<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
When Can Account Beneficiaries Override a Will?
</span>
</h2>
<p>
<span style="display: initial;">
During the estate planning process, you’ll want to review your accounts and make sure they have the correct beneficiary. This is especially important if you’ve filed for divorce and still have your former spouse listed as your beneficiary.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
For example, if you die, your retirement fund will go to your named beneficiary. Even if you list something different in your will, the fund will go to whoever you named on the account. However, you can make your will part of your estate by naming your estate as the beneficiary or declining to name a beneficiary to begin with.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
Likewise, bank accounts can only be delivered to the person who’s named as the beneficiary. Since these aren’t part of your estate, you’ll have to make sure that your beneficiary is up-to-date and review it if necessary. Otherwise, your bank account savings might go to someone that you divorced or removed from your will.
</span>
</p>
<p>
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<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; color: rgb(40, 53, 62); font-family: 'Be Vietnam';">
Who Can Help You with Estate Planning?
</span>
</h2>
<p>
<span style="display: initial;">
If you’re not sure how to navigate the complex process of planning your estate, an attorney might help you get your affairs in order. Your attorney might help you take stock of your assets and write a will that divides up your estate. If you’ve already written a will, your attorney may help you review it and ensure that it’s up to date. Your attorney could also help you with other aspects of estate planning like writing a living will and choosing someone to be your healthcare proxy.
</span>
</p>
</div>ProbateThe Importance of An Updated Estate Plan when Remarrying2020-10-18T23:31:34Z2020-10-18T23:31:34Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
The increase in divorces that involve “older” Americans has caused a noticeable rise in the number of remarriages of seniors in Florida and throughout the country. Despite this fact, many of these seniors take a passive approach to changing their estate plans to reflect this life change.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
Estate planning can become a complicated process in all situations. But older individuals entering into a new marriage face complications that, if not handled correctly, can result in trouble for the children they have from their first marriage, their new spouse, or someone else they love.
</span>
</p>
<p>
<br/>
</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
Planning Ahead as A Smart Start
</span>
</h2>
<p>
<span style="display: initial;">
Individuals who die without updating their will may inadvertently set the stage for a battle between their children and the new spouse. If the only beneficiaries named in the will are children, a spouse could find themselves in a bad spot financially if the children do not decide to provide for them. It is much better to customize the plan to allow for a fair distribution of assets between a new spouse and children from a previous marriage.
</span>
</p>
<p>
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</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
Ensure Your Children Are Looked After
</span>
</h2>
<p>
<span style="display: initial;">
Another common mistake individuals make when entering into a second marriage is assuming that their new spouse will look out for the interest of their children from a first marriage. Many children have suffered misfortune because a deceased parent left assets for children and a spouse to share.
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</p>
<p>
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<span>
</span>
</span>
</p>
<p>
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Estate planners may also forget to factor in the depletion of assets when planning for the future of their children. For example, a planner may leave assets to a spouse with the intent of the spouse turning the assets over to the children when they die. However, the planner may pass on assets with less value once it is in the hands of the children.
</span>
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<p>
<br/>
</p>
<p>
<span style="display: initial;">
Many factors must be considered by estate planners deciding how to distribute assets after their death. An attorney experienced with the estate planning process will likely be of benefit to individuals tasked with providing for the future of their family after they are gone.
</span>
</p>
</div>Estate PlanningThe Potential Benefits of An Estate Plan2020-09-19T23:27:21Z2020-09-19T23:27:21Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
Creating a will or trust may help you to avoid Florida intestacy laws that dictate where your assets go if you die without an estate plan. In addition to giving you more control over your property after you pass away, it can help you achieve various objectives during your lifetime.
</span>
</p>
<p>
<br/>
</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
Estate Plans Can Help You Provide for A Spouse or Child
</span>
</h2>
<p>
<span style="display: initial;">
You may be able to leave assets to a spouse, child or other family member through a will or trust. Providing gifts to an adult child, spouse or other individuals may enable you to improve their lives while also minimizing gift or estate taxes after you die.
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</p>
<p>
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<span>
</span>
</span>
</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
Designate Someone Who Can Manage Your Affairs
</span>
</h2>
<p>
<span style="display: initial;">
Creating a trust can make it easier to manage your affairs if your become incapacitated. This is because you can appoint a trusted individual to oversee your assets, make sure that bills are paid or take care of other tasks on your behalf. You can also appoint an individual under a power of attorney to oversee your medical treatment while you are mentally or physically unable to do so on your own.
</span>
</p>
<p>
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</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
Review Your Estate Plan Once a Year
</span>
</h2>
<p>
<span style="display: initial;">
There is a chance that some or all of your estate plan could be rendered invalid or obsolete as time passes. Therefore, it is a good idea to review your plan once a year to ensure that it still meets your needs as it is currently structured.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
<span style="display: initial;">
Creating a will or
</span>
</span>
<a href="https://www.snyderlegalgroup.com/estate-planning" target="_blank" style="display: initial;">
trust
</a>
<span style="display: initial;">
<span style="display: initial;">
are among the basic estate planning steps that may help you gain more control over your assets. An attorney may be able to help you create these plan documents or learn more about the potential benefits of having them.
</span>
</span>
</p>
</div>Estate PlanningIssues when An Executor Dies2020-09-17T23:23:43Z2020-09-17T23:23:43Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
Everyone in Florida should understand the importance of estate planning. Any adult, especially one with children, should have a plan for the worst-case scenario. The most well-known estate planning document is a last will and testament. In a will, the creator can outline how they want their assets to be distributed. They can also name a guardian for their minor children. Another important part of a will is the naming of an executor.
</span>
</p>
<p>
<br/>
</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
The Ins and Outs Being an Executor
</span>
</h2>
<p>
<span style="display: initial;">
An executor is the person who carries out the decedent’s wishes that are outlined in the will. This individual must be of sound mind and body to carry out these instructions. Sometimes, that’s not the case. An executor may be ill, suffering from dementia or otherwise not capable of carrying out these duties. There are even cases where the executor dies before the creator of the will.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
In those cases, the court will evaluate the will. If a co-executor or alternate executor is named and is competent, they can be appointed. If not, a judge may appoint another individual or even a law firm with estate planning experience to act as executor. The same process applies if the executor dies or becomes incapacitated during the time the will is in probate. In those cases, the executor’s lawyer takes charge of documents, then passes them on to the new appointee.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
Even basic estate planning can be challenging, both emotionally and practically. It’s always prudent to include an alternate executor in the document as a back-up plan. And it’s never a bad idea to seek legal advice when writing a will. An experienced lawyer could guide you through the estate planning process.
</span>
</p>
</div>ProbateThe Differences Between Wills and Living Wills2020-09-10T23:20:07Z2020-09-10T23:20:07Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
It’s important to have an estate plan whether you are enjoying your golden years on a Florida beach or are a recent college graduate beginning your adult life. Ideally, you will have both a will and a living will as part of the plan.
</span>
</p>
<p>
<br/>
</p>
<h2>
<span style="display: initial; font-family: 'Be Vietnam'; color: rgb(40, 53, 62); font-weight: bold;">
What You Need to Know About Wills
</span>
</h2>
<p>
<span style="display: initial;">
A will allows you to dictate where your assets go and who will raise your minor children after you die. It also allows you to appoint someone to oversee your estate during probate. Generally speaking, anyone who is 18 and older and of sound mind can create a will. It may also be necessary to have the document signed by at least two witnesses who don’t have an interest in your estate. If you don’t have a valid will when you die, state law will determine how your estate is administered.
</span>
</p>
<p>
<br/>
</p>
<h2>
<span style="display: initial; font-weight: bold; color: rgb(40, 53, 62); font-family: 'Be Vietnam';">
What You Should Know About Living Wills
</span>
</h2>
<p>
<span style="display: initial;">
A living will allows you to articulate the level of medical care that you would like to receive if you can’t express those thoughts on your own. The document may specify whether you would like to receive treatment to prolong your life such as being put on a respirator. As with a traditional will, the living will must be signed by two witnesses to be considered valid, and those two witnesses generally cannot be your personal physicians.
</span>
</p>
<p>
<span style="display: initial;">
<span>
</span>
</span>
</p>
<p>
<span style="display: initial;">
If you have questions about meeting your basic estate planning needs, an attorney may be able to help. This person may offer insight into the potential benefits of having a will or living will, and a legal professional may also be able to assist in the process of drafting or reviewing these documents. It is possible for a legal representative to serve as your estate executor during the probate process.
</span>
</p>
</div>Estate PlanningEstate Planning Basics Everyone Should Know2020-09-04T23:17:10Z2020-09-04T23:17:10Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
Everyone in Florida should have an estate plan. That’s true even for people who don’t have a lot of assets. Estate planning can sound very complicated, and in some cases, it is. When people have numerous assets or own their own businesses, there are a lot of possible claimants on their property. However, even for people who work for someone else and rent their homes, estate planning is essential.
</span>
</p>
<p>
<br/>
</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
A Will Is a Must
</span>
</h2>
<p>
<span style="display: initial;">
At the very least, everyone should have a will. A last will and testament is a document that provides instructions for after someone’s death. In a will, people can determine who gets what after they die. This isn’t just limited to things; a will also distributes money and accounts. Finally, and most importantly, people outline in a will who should have custody of their minor children if something happens to them.
</span>
</p>
<p>
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</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
Risking It All
</span>
</h2>
<p>
<span style="display: initial;">
People who don’t write wills may not have their wishes respected after they die. Those who pass away with no plans in place are deemed “intestate.” When that happens, the state takes over and distributes their assets according to general guidelines. For many families, this process is inadequate and could leave everyone feeling unhappy. Writing a last will and testament is a great way to give loved ones peace of mind. It’s both the simplest and most basic estate planning step that everyone should take.
</span>
</p>
<p>
<span style="display: initial;">
<span>
</span>
</span>
</p>
<p>
<span style="display: initial;">
People with simple estates often feel confident writing a will themselves. However, for people who have questions or who own a lot of property, it can be wise to consult a lawyer. Estate planning attorneys have the skills and resources needed to provide advice and handle complicated situations.
</span>
</p>
</div>Estate PlanningHave You Catered for Your Digital Presence in The Estate Plan?2020-08-19T23:14:38Z2020-08-19T23:14:38Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
These days, a Florida resident’s online presence is as, if not more, important than their actual physical presence. According to some experts, someone under the age of 70 most likely has 160 digital accounts. Keeping track of these accounts, passwords and information is tricky enough when one is doing it him or herself, but what happens if someone passes away without disclosing all necessary information for accessing and protecting these accounts to loved ones?
</span>
</p>
<p>
<br/>
</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
What Are Digital Assets?
</span>
</h2>
<p>
<span style="display: initial;">
In their simplest form, digital assets contain information stored in an electronic record. This could be on the computer, cloud, memory sticks or online. This means pictures, reward points, banks, cryptocurrency, digital collectibles, social media activity, e-books, music libraries, websites, personal information—the list can go on and on, depending on one’s individual circumstances. Given how important one’s digital assets are, it is important to include provisions in one’s estate plan on how they can be accessed, controlled and protected.
</span>
</p>
<p>
<br/>
</p>
<h2 style="line-height: 1.3;">
<span style="display: initial; font-weight: 700; font-family: 'Be Vietnam'; color: rgb(40, 53, 62);">
Including Digital Assets in The Estate Plan
</span>
</h2>
<p>
<span style="display: initial;">
One should consider making an inventory of their accounts and assets to make it easier for beneficiaries to know where to find them and how to access them. Otherwise, access can be lost while loved ones try to discover accounts and passwords. Its important to keep in mind that a simple will may not be enough to protect an individual’s digital life and assets. While it should definitely be a starting point and define what digital assets are and who the beneficiaries are, that is not enough. Someone else accessing personal information might result in a violation of service agreements or state laws. Similarly, family members may not know how to handle the decedent’s social media presence after their demise.
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</p>
<p>
<span style="display: initial;">
<span>
</span>
</span>
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<span style="display: initial;">
A digital estate plan is just as important as a physical one, especially as more and more information migrates online. While it is convenient to think loved ones can manage everything on their own, without proper instructions and access that conforms to state law, one’s digital assets may be lost or invaluable time and effort lost trying to gain access to them. An experienced attorney can explain the nuances involved in creating a comprehensive estate plan.
</span>
</p>
</div>Estate PlanningNot Everyone in Probate Is an Interested Party2020-08-18T23:10:25Z2020-08-18T23:10:25Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
Florida wills can be challenged in court during probate litigation. However, there is a limited number of potential challengers to the terms of the will. If a person or entity is not an interested party, the court will not hear what they have to say, and they cannot participate in the probate process.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
Whether one is an interested party depends on their economic interest in the estate. The first requirement is that their finances are directly affected by the proceeding. Creditors are non-family actors that are allowed to be a part of probate. Those who are named in the will are also interested parties. Close family members who have been left out of the will may also be able to be heard in court depending on the circumstances. The law wants people to be able to argue their case but does not want to bog down the estate by allowing everyone to challenge it.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
The court will decide the matter of interested parties early in the process. This allows the judge to disqualify certain participants if they do not meet the threshold. Once the court determines that someone is not an interested party, their position will not be heard on the merits. Thus, many will contests are actually decided at the outset when the court rules whether the petitioner is an interested party. This narrows who can challenge the will.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
Those who are involved in probate litigation may want to retain an attorney to represent their position in court. The decisions that they make in the probate process will affect how their finances are affected by the proceedings. The attorney might help their client try to settle the case out of court. If there is no agreement, the lawyer may argue their client’s position in front of the judge when a will is contested.
</span>
</p>
</div>ProbateYoung Adults and Estate Planning: Grasping the Basics Sooner2020-08-10T23:07:47Z2020-08-10T23:07:47Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
<p>
<span style="display: initial;">
Young adults in their 20s and 30s who are interested in finding out more about estate planning in Florida are setting themselves up for a secure future for their families and themselves. By getting his or her affairs in order at an early age, an individual is more likely to be prepared for both the inevitable and unpredictable. Here is some information about the basics of estate planning.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
Durable power of attorney is a document that gives a family member or a third party the ability to make decisions on behalf of an individual in case he or she becomes incapacitated in some manner. Businesspeople set this up when they travel, for example. While they are abroad, their assigned representatives have the power to complete transactions on their behalf.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
A living will is a document that gives a family member or a third party the power to make medical decisions on behalf of someone in case he or she becomes incapacitated. This is commonly used when individuals are in a coma for an extended period.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
A will is the foundation document of estate planning. This is the set of instructions that an individual leaves behind. It tells the executor how to disperse the assets left behind. It also appoints a guardian for any minor children. A revocable trust is not needed by everyone. To find out if you do, you are encouraged to speak with a legal professional who specializes in estate planning.
</span>
</p>
<p>
<br/>
</p>
<p>
<span style="display: initial;">
For more information about planning your estate, a legal professional is a great source. Some estates are more complicated than others. The size of the assets is going to determine how much paperwork is going to be necessary. Business owners, for example, also have to think about succession planning. There are insurance and tax concerns to go over. Young adults have the time to complete this process in steps.
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</div>Estate PlanningWhat to Know Before Investing in Commercial Real Estate2020-07-29T23:04:52Z2020-07-29T23:04:52Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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People who want to invest in commercial real estate in Florida need to understand several things before they jump in. While these types of investments can provide consistent returns, some are better than others. Understanding how they work is the key to success or failure.
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The first thing that prospective investors should understand is that commercial properties are not all the same. They should familiarize themselves with the various asset classes and research how they are performing in the local market. For example, industrial properties are currently performing the best, and retail properties are performing the worst.
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Investors should research the market to understand the local supply and demand. For example, investing in an office property in an area in which there is a glut of available office space might not be a good idea. They should look for a property type that is in demand and for which the supply is relatively low. They should also consider the market cycles for the area. Many properties will go through a profitability cycle, and people should avoid buying when the market is high or selling when it is low. Prospective investors should thoroughly conduct due diligence on any property that they are considering before they invest.
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Commercial real estate investments can be potentially lucrative. However, they can also lead to substantial losses when people are not careful before they invest. People who are considering commercial real estate investments may benefit from working with an experienced real estate attorney. A lawyer may help clients analyze the local market so that they understand the area supply and demand and which types of commercial properties are performing well. They might help their clients to identify target properties and conduct due diligence to ensure that there aren’t any hidden problems that could negatively impact their clients’ investments.
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</div>Real Estate LawEstate Planning for Business and Non-Business Owners2020-07-08T00:22:01Z2020-07-08T00:22:01Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Though Florida already has better tax laws than many other states, having an estate plan is beneficial in several ways, beyond just saving money in taxes. Without a last will and testament in place, a person’s assets are “intestate,” and they are passed on according to a certain order of succession as set forth by Florida law. Having a will or a trust helps ensure that the right people get control of a person’s assets after that person’s death.
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Creating an estate plan is particularly important for business owners. Even people familiar with basic estate planning may not be aware of the protections available for businesses. For instance, key person insurance that names a business as a beneficiary can provide coverage for business expenses if the person who owns the business dies or becomes incapacitated. Business owners should also consider drafting a succession plan, which spells out who they want to take over the business or what they want to happen to the business after they are no longer in charge.
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Both business owners and non-business owners may want to consider giving someone the power of attorney over their financial and medical decisions if they are unable to do so. Similarly, an advance healthcare directive directs others as to how a person wants to be treated medically in an end-of-life situation (such as when and whether to resuscitate).
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There are also other types of insurance policies to consider if a person has dependents, such as life or disability insurance. When it comes to the distribution of assets, individuals may want to seek assistance from an estate planning attorney to determine whether they would rather have a will or a trust fund. If a trust fund is a better option, an attorney can help explain the differences between different types of funds, like revocable and irrevocable living trusts.
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</div>Estate PlanningWhat Happens when A Person Dies without A Will?2020-06-24T00:18:51Z2020-06-24T00:18:51Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Perhaps the best way to explain the importance of developing an estate plan is to discuss what happens when a person passes away without one.
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When examining a will and other estate planning documents, Florida probate courts refer to the deceased person as the “testator.” If a person dies without having created a will, they are said to have died “intestate.” A testator’s estate is distributed according to their estate plan, but if there is no will, the administration of the estate is governed by Florida’s law of intestate succession.
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Essentially, the law of intestate succession creates a will for a person if they didn’t leave one of their own. It lays out an order of who will inherit the estate, according to the person’s family tree. Sometimes this leads to results that are similar to what the person would have wanted. Sometimes it leads to something very different. According to the unique facts of the case, much or all of the estate may go to an estranged spouse or a distant relative.
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Another problem with intestate succession is simply that it takes time, and time is money. The money for court fees and other costs comes out of the estate. In many cases, this can mean little or nothing of the estate is left to go to the heirs.
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The Spouse’s Elective Share
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Intestate succession begins with a provision for the surviving spouse of the deceased. This is considered an “elective” share, meaning that the spouse can choose to take it or not.
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If the deceased has no surviving children, or if all the surviving children are also the children of the spouse, the spouse gets the entirety of the estate. If the deceased has surviving children who are not also the children of the surviving spouse, the surviving spouse gets half the estate. And if the surviving spouse has surviving children who are not also the children of the deceased, the spouse get half the estate. The other half is divided between the surviving children and other heirs.
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It’s relatively easy to see how this might play out in a case involving a family where both spouses had children from previous marriages. In such a case, the surviving spouse could elect to take half of the estate, leaving the rest to be divided among the children of the deceased spouse. Stepchildren could be left out.
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Other Heirs
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If there is no surviving spouse, succession goes first to any surviving children and descendants of the deceased, with each branch of the family receiving an equal share. If the deceased left no surviving children, the law of intestate succession dictates where on the family tree the court should look next.
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The process can quickly get complicated, especially in cases with large extended families, where all the parties may not even know each other. These complicated cases take more time, and are therefore more expensive to resolve.
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By creating your own estate plan, you allow your loved ones to avoid these complications and frustrations.
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</div>The Basics of Creating an Estate Plan2020-06-23T00:14:57Z2020-06-23T00:14:57Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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People in Florida who are creating an estate plan may start with a last will and testament, which can appoint guardians for children and an executor to manage the estate. The will might also name the beneficiaries who should receive certain assets. For people who want assets to pass without going through the probate process, a revocable trust may be a better option. Trusts may also be useful in other situations, such as if there is an irresponsible family member. That person’s inheritance could be placed in a trust and managed by a trustee.
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Beneficiary designations are used to pass some types of assets, such as life insurance and retirement accounts. These need to be updated regularly since they override instructions in a will or a trust.
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There are steps that people can take to make the process of dealing with the estate less difficult for their loved ones. Working with an attorney may help ensure that documents are prepared correctly. A list of beneficiaries’ contact information makes them easy to reach.
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Another important element of estate planning is preparing for the possibility of becoming incapacitated. A durable power of attorney appoints someone to manage a person’s financial affairs while a health care power of attorney chooses someone to make medical decisions. A living will can outline the person’s end-of-life care instructions.
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Even people who only need basic estate planning because they have few assets and no dependents may benefit from working with an attorney. For example, a recent high school or college graduate may not be wealthy but might still have sentimental items that they want to go to specific friends and loved ones. A will can do this. The individual might also want to designate parents, a sibling or a partner to make health care decisions on their behalf.
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</div>Estate PlanningWhy an Estate Plan Is Important2020-06-09T00:12:18Z2020-06-09T00:12:18Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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When people in Florida die without an estate plan in place, the state determines what happens to their assets. These assets may end up going to family members who were not intended to have them while others get nothing. This is one reason it is important to have an estate plan. An estate plan can also be important in making arrangements in case an individual becomes incapacitated.
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While there are do-it-yourself estate plans, the disadvantage is that they could be limited in the situations they cover. An attorney may be able to assist a person in creating a will and other documents to suit their exact needs. A will can name what will happen to property, but some assets, such as retirement accounts, pass by beneficiary designation. People need to choose an executor, the person who will be in charge of submitting the will for probate, finding and securing assets, paying creditors, filing taxes and distributing assets to beneficiaries. People may also want to create a list of documents relating to these assets so that they will be easy to find.
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Some people might have beneficiaries who are irresponsible with money. Trusts can manage how distributions are made to these individuals. Other documents include a living will, which has instructions on end-of-life care, and a financial power of attorney so that someone can take over finances if the person is incapacitated.
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Even for people who do not have many assets, estate planning is important. A will can be used to designate a guardian for any minor children, and even if there are just a few assets, such as a vehicle and a bank account, the will can name beneficiaries. Appointing people to manage health care and finances in case of incapacity can be important in a basic estate plan as well.
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</div>Estate Planning Is More Vital than Many Know2020-05-22T00:09:01Z2020-05-22T00:09:01Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Many people in Florida hesitate to begin the process of estate planning for various reasons. Common excuses include the fact that they think that estate planning is only for the wealthy or that it is too hard. However, both of these are misconceptions that should not stand in the way of estate planning.
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The first thing to know is that assets are just one part of estate planning. There may be other things such as advance care directive and care for minor children that may be important even if the family is not wealthy. Second, even more limited assets will need to be distributed, and probate is a difficult process no matter the size of the estate. Third, estate planning is easier than one thinks.
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The key to estate planning is preparation and education. One should make an inventory of both their assets and the people that their estate plan needs to address. Then, they should take the time to study the options that are available to them, learning more about each one on the way. Then, they should formalize the estate plan and execute the documents. Finally, they should periodically reevaluate their plan based on changes in their life. When one realizes that estate planning is simply a function of being methodical and informed, it is much easier to decide to begin the process.
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To begin the process of basic estate planning, one should consult with an attorney for advice and suggestions on how to think of and address their estate planning needs. The attorney may bring various options to their client’s attention that allow them to start to formalize their estate plan. After that, the attorney could assist their client in drafting the relevant estate planning documents to ensure that everything is done correctly and according to the law.
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</div>Selling Estate Property Can Take Some Time2020-05-09T00:05:34Z2020-05-09T00:05:34Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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When a loved one passes in Florida, the beneficiaries often want to start the process of selling off part of the estate. However, this cannot always happen in short order according to desired timeframe. The estate must be settled before parts can be sold off, and the executor must be consulted first.
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When an estate goes through probate, creditors can given a chance to make their claims against an estate. They must be paid first out of the assets of the estate. It is only once they receive their payment that beneficiaries can receive their money. This is the first step that must be taken.
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Then, the executor must oversee any sales of part of the estate. This is particularly true when dealing with a major asset such as the home. Once the Grant of Probate is given, it is the executor who has the authority to settle the estate. Family members cannot work on their own but must include the executor in the process of working with the real estate agent and listing the home.
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The executor will be managing the process in accordance with the terms of the will left by the deceased. If no will was left, it is the court that will be involved in the process and must be consulted before anything is done with the estate.
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To best understand how an estate is settled after someone dies, it is best to consult with a probate attorney. This can be a technical process that many people do not understand. The attorney could educate their client and represent their interests as the estate is settled. Many
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estates
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are settled harmoniously and without any problems. However, some estates end up in litigation. In those instances, it may be vital to have the services of an attorney.
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</div>Can I Revoke a Power of Attorney?2020-05-07T00:02:00Z2020-05-07T00:02:00Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Assigning power of attorney duties in an estate plan is a wise decision to ensure someone you trust has authority to make financial decisions on your behalf. However, circumstances change over time, and there may be reason to reassess your power of attorney appointments.
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For instance, you may decide to revoke or change the designated agent as your power of attorney at some point. You might decide to do so because of changes in your relationship with your appointed agent, changes in your wishes or other conditions that warrant revisiting this appointment. If you wish to revoke a power of attorney, there are some things you should know.
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How to Do It
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As the principal or the person who authorized the agent to act on your behalf, you have the right to revoke your power of attorney under state laws. To do so, you must put your wishes in writing. You may do this when you assign a power of attorney to someone else or in another written document. You should sign and date the documents.
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When You Cannot Do It
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You cannot revoke a power of attorney if you are mentally unsound or incompetent. In fact, if you set up a durable power of attorney, the agent’s duties are not affected if you become incapacitated. As such, if you wish to change these appointments, it is best to do so sooner, rather than later.
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Other Important Elements to Note
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It is important to understand that there are different types of powers of attorney. As such, an alternative to revoking a power of attorney could be to change the specific powers without revoking the authority entirely.
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You might also decide to give multiple parties powers of attorney. If you decide to do this, you should specify which duties each person has and whether they must make decisions together or may do so individually.
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An agent acting under a power of attorney is an important role. As such, it is crucial that you assign these powers thoughtfully and review them regularly. If anything changes, you may want to discuss your alternatives with an experienced estate planning attorney to ensure that your wishes continue to be honored.
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</div>Estate PlanningMore Common Mistakes Involving Estate Planning2020-05-06T23:48:58Z2020-05-06T23:48:58Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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It is important to plan for the ideal future, but to also have contingencies in place if (and when) the story deviates from the desired narrative. This is where estate planning comes in – it enables individuals and couples to plan for such eventualities as death as well as such potential issues as illness and incapacitation. While many assume that estate planning is for families with complex estates, it can be useful to nearly every family for avoiding potential legal issues, unnecessary expenses and other important matters.
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It was about a year ago that we outlined three common estate planning mistakes. These were:
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Forgetting key elements
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Failing to update the estate plan regularly
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Keeping estate plans a secret
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Other Mistakes to Avoid
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There are other matters to consider when creating or updating an estate plan. These include:
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Not planning for disability: Unless someone has already cared for a disabled individual, disability is not an issue many will contemplate. It is important to do this because it can have a major impact on finances, the care for the family, or healthcare decisions made on your behalf. This can be handled through a living trust or appointing a power of attorney.
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Not gifting money: Gifting is a simple way to move up to $14,000 per spouse to others without the gift being taxed. Not only can this have a positive impact on their lives, but it can also reduce your tax obligation.
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Putting a child’s name on the deed: Gifts worth more than $14,000 are taxable, so it better to pass the home through inheritance.
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Choosing an executor who is wrong for the job: They may be a blood relation, but they may not be comfortable making financial decisions, handling paperwork or are unable to take the time to address the many obligations involved.
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Procrastinating: Estate planning is easy to put off until it is too late. This leaves families to deal with a lot of stress even as they go through the mourning process.
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Start by Meeting with An Estate Planning Lawyer
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Sitting down with a knowledgeable estate law attorney here in Florida is the beginning of a process that is both meaningful and liberating. An attorney with experience in this area can guide clients through the decision-making process and provide options that fit their goals. They can also offer a variety of services to the family as it goes through probate and addresses other matters. It all adds up to peace of mind for the client as well as their family.
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</div>Estate PlanningHow to Avoid Probate Proceedings in Florida2020-05-06T23:44:52Z2020-05-06T23:44:52Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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Probate can be an expensive and time-consuming process in Florida by dictating when, where and how to distribute a person’s assets after their death. Surviving family members and other interested parties can trigger a probate process over the distribution of the deceased person’s estate.
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However, many people do not take advantage of the steps that are available to avoid Florida probate. Each estate is different and what works best depends upon many factors. Still, there are four basic ways to avoid probate:
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Sell All Florida Property
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If the benefactor isn’t a Florida resident but owns property in the Sunshine State, they could face ancillary probate, which is a secondary probate proceeding in addition to their home state. It might not make sense to some but gifting their Florida property to children or other beneficiaries could help them avoid Florida probate.
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Joint Ownership with Rights of Survivorship
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By adding another owner to a property’s deed or bank and investment accounts, a person can avoid Florida probate as all property will go to the co-owner(s). Spouses in Florida can fill out a special form called “tenancy by the entirety” to pass along these assets.
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Beneficiary Designations for Life Estate Deeds
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Assets such as IRAs, 401(k)s and other retirement accounts avoid probate by using beneficiary designations. Florida also allows the following:
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POD Account:
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“Payable on death” account will enable people to name beneficiaries for bank accounts.
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TOD Account:
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“Transfer on death” account for passing along non-retirement investment accounts.
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Ladybird Deed:
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Also called an “enhanced life estate deed,” which allows a person to retain ownership of Florida real estate for their lifetime and pass it along to beneficiaries after their death avoiding probate.
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Revocable Living Trust
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This written agreement in an estate plan enables a person to control their assets while they are alive, if they become incapacitated and after they die. The trust will also keep a person’s estate plan from public scrutiny as it places the plan outside probate court records, which are public documents.
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Seek Legal Expertise for Probate Options
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Probate proceedings can be lengthy and costly, and they make specific details of a person’s estate open to public scrutiny by going through the courts. Seeking the advice of an experienced estate planning attorney here in Florida can help bring a smooth transition after the death of a loved one and honor their final wishes.
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</div>ProbateSelecting the Right Guardian for Older Adults2020-05-06T23:40:53Z2020-05-06T23:40:53Z<div style="transition: none 0s ease 0s; display: block; text-align: left;" data-rss-type="text">
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As older adults’ lives wind down, their physical and mental abilities decline. Cooking, cleaning and other daily tasks often become a burden, which leaves those responsibilities in the hands of their children or other caretakers. As the role reversal continues, many older adults or their children decide that helping around the house is not enough and that a responsible adult needs to be the parent’s legal guardian to take on financial responsibilities and make health care decisions.
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Being a guardian requires a lot of legal and moral responsibility. Older adults and their family members must consider who is available and reliable enough to help the ward through the end stages of life, if they become incapacitated. If no children are able to become the guardian, the family must explore other options.
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A Guardian that Fits Their Parents‘or Ward‘s Needs
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There are no “one size fits all” set of qualifications to become a guardian because everyone’s needs are different. Some parents may need a guardian to help them sell their home or manage their investments. Others may need help with tough decisions like selecting a nursing home.
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Things to Consider when Selecting a Guardian
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When deciding who is a good fit, older adults and family should consider these factors:
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Financial Responsibility:
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The selected guardian should be able to manage their own finances and the finances of others.
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Decision Making:
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The selected guardian should be willing to make difficult decisions involving health care or other important decisions.
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Availability/Proximity:
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The selected guardian should have a schedule that fits with their parent’s or ward’s needs and should also live in close enough proximity to tend to those needs.
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Longevity:
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The guardian should be physically and mentally able to take care of their ward for the long-term.
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Legally Establishing Guardianship
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Whether the choice is a family member, loved one or professional who handles these matters, the guardian and ward must seek court approval to legally establish the relationship.
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Determining who is the best fit for a guardian is no simple task. Moreover, the court requires every guardian to be represented by an attorney because creating a guardianship is a long, complex legal process. Those with questions or concerns regarding this and related estate law matters should consult with an experienced estate law attorney who handles such matters in Florida.
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</div>Estate Planning