Melbourne, Florida, Trust, Estate Planning And Probate Law Blog

Having a will is a great first step to creating a comprehensive estate plan. However, these important documents may not be as effective as intended if Florida individuals do not regularly review and update their contents. More than just going down the list of property already covered by the will, this also includes considering adding new assets and estate planning tools, such as trusts. 

Including retirement accounts in an estate plan is not always obvious. After all, most people list a beneficiary to receive the funds should they otherwise be unable to, so why go to the trouble of including it in an estate? Taxes and time are both significant considerations in this matter. 

Musical icon Aretha Franklin was beloved by many people in Florida, and her recent passing left many feeling incredibly sad for the woman and her family. However, some fans were surprised to learn that Franklin apparently did not engage in any type of estate planning. According to her family, she did not leave behind any trusts, wills or other planning documents. 

Franklin's four sons recently submitted documentation that lists themselves as the interested parties for her estate. One of the documents included information from her estate attorney and one of her sons, indicating that she had not left behind a will. As such, Franklin died intestate, which means that her assets will be split according to state law and not her personal wishes. 

The birth of a new child is a joyous occasion, but it can also be a frightening one. Will your child be taken care of if something happens to both you and your significant other? Who will care for the child, and what funds will go towards his or her upbringing? Updating or establishing an estate plan during this pivotal new time of life is an absolute must for all Florida parents. 

A guardian is a person legally tasked with caring for a child should their parents be unable to do so. Most parents would prefer to select their child's guardian rather than leaving it up to the courts, so including this in a will is important. Typically, parents understand who will provide the best possible care for their child, whereas the courts do their best but may operate on limited knowledge. A judge can review facts, but will not necessarily know what individual parents feel best suits their own parenting style. 

When a person dies without a will, intestacy law takes over. The person's estate is considered intestate, and a state statute dictates how the person's assets will be distributed and to which heirs. While most people in Florida associate the word heirs with a person's children, it can actually be applied in a much broader fashion. Parents, spouses, cousins and anyone who receives something from an estate after a person's death is an heir. 

Intestate law applies differently depending on whether the person was married, single or had children. For example, a person with a living spouse but no children would have all of his or her estate left to his or her spouse. However, even if the deceased had surviving children, if he or she parented those children with the surviving spouse, the kids still do not get anything -- it all goes to the wife or husband. It gets more complicated from here, and addresses what happens if the surviving spouse has a child from a different partner. In that case, the spouse only gets half of the estate and the children get the other half.