Archives for: Wills

Keeping Your Kids From Overspending Their Inheritance

You have saved up a significant amount of money for your Florida heirs, but you are concerned about their ability to spend their money wisely. For those who stand to inherit property, good financial foresight is a must. That is why about one in three benefactors is drafting an estate plan that will reduce the likelihood of financial mismanagement by their beneficiaries. Benefactors who want to make sure that their estate is handled wisely can take some early action to guarantee success.

First, be sure to communicate your inheritance plan to your beneficiaries. The first time your child or heir learns about an inheritance should not be at the reading of your will; rather, this [..]

Communication is Key to Florida Estate Plans

Do your kids know where your will is?

It is a scene that Florida attorneys see played out too many times in their local offices. Parents often leave their adult children without any idea about their final wishes, even neglecting to tell them where to find their estate planning documents. The implications of that failure are staggering, as relatives can be subjected to serious stress because of failed communication. In one case, an attorney tells the story of a man who failed to adequately plan, leaving his sister as the sole executor of his estate without any direction. The man died at age 60; after his passing, his sister was forced to spend months digging [..]