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How often should I update my durable power of attorney? You should update it any time that you want to change, who you want to serve as your agent, under your power of attorney. Also you may choose to update it every three to five years, and that during the past three to five years, they’ve changed the power of attorney statute in Florida under the new power of attorney statute. You’re giving your agent so can give your agent the authority to help qualify you for Medicaid. Also deal with your retirement accounts and other, estate planning documents. So that’s whenever you may wish to update. I’ve encountered some problems with banks or other folks that deal with, powers of attorney when you present them. Even though they are legally valid, if they’re old, they may not accept them. And of course, that’s the whole purpose of giving. the power of attorney is to facilitate, the signature, particularly if the person who gave it, to the agent has become incapacitated, you would not want it to be rejected. So, you just, as a practical matter, you may want to update your power of attorney every three to five years, or it at such time as if you wish to change your agent or your agent passes away. If you have any questions, give me a call at (727) 847-2288.

Video Summary

Do I need to do estate planning, even if I do not have much money? The answer to that question is, yes. And that what money you do have, you want to be able to designate who you would like to receive it when ever you pass on. So, there’s a lot to estate planning other than just writing a will. A will I look at is basically a fallback position in the event that you have not properly planned your state for it to pass to whoever you would like your assets to go to the estate planning includes putting a designation on your bank accounts, to have them pay a belong death to whoever you would like to receive them. If you own real estate, even if it has a mortgage, you can sign a life estate deed whereby you can designate who would receive the property upon your death. This is called some in some circles called old lady bird deed. And these are simple ways to pass your assets on to whoever you’d like to receive them. Even though you don’t have a whole lot, you can do it and avoid having a probate. There’s also documents that go along with estate planning, such as the living will a healthcare surrogate and a durable power of attorney that you need to consider. Whenever you come in for an estate planning conference, my phone number is (727) 847-2288. Give me a call and I’ll be glad to talk with you about your estate plan

Video Summary

How do assets pass it death? Well, the most easiest way to have the assets best is through beneficiaries, which everyone’s familiar with life insurance. And so you designate a beneficiary on your life insurance application, or the decedent does designating who the beneficiary is. That’s the same way that IRAs are passed to beneficiaries annuities. You can also set up your brokerage accounts with a designation of a beneficiary by designating a transfer on death, beneficiary, and name, whoever you wish to receive it. Your bank accounts, wouldn’t be set up with a payable on death and they will then pass to whoever you designate as the beneficiary. If someone dies and they own asset titled assets in their name alone, such as real estate or a bank account, then, they would pass through a probate proceeding. And we would first ask if there’s a will, which says who the beneficiary would be. And if so, then once it goes through the probate proceeding, the creditors get paid and the administration costs get paid. And then the money passes to the designated beneficiary through the probate process. If the decedent died without a will, then the laws of the state of Florida designate who is to receive the assets of the decedent. And again goes through a probate process and the, the creditors are paid. The administration expenses are paid and then it passes or is distributed to the beneficiaries that are designated under the Florida laws. If you have any questions about a probate or, who receives assets upon a decedent’s death, Well, give me a call at (727) 847-2288.

Video Summary

What is the minimum age to execute a power of attorney? That is 18 years old and Florida and that at whenever a minor turns 18 they become adult and their disability as a minor is gone and they have the right to contract. And they can then assign or appoint an agent to act in their behalf. A under a power, a bunch attorney. So if you have any questions about a power of attorney, please give me a call at (727) 847-2288

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What is the uniform transfers to Minors Act? That is a statute which allows an account, it can be stock, a bank account to be established in the name of a custodian for the benefit of a minor, and the account is to be held for the minor until they reach age 18. Under certain requirements or provisions, the account can be held until they’re age 21. The account can be established by a grandparent and they can serve as the custodian for the minor, the income from the account, whether it be stock or a bank account, will be reported under the minor’s name rather than in the custodian’s name or the trustee’s name. For the minor, it is a, uh, convenient way I put that, uh, sometimes in wills where you wish to leave a relatively modest amount to a minor, that you designate their one of their parents or your child to hold the money under the uniform transfers to minors act for particular for a minor. And that way it doesn’t require a trust provision and is a, a simple way to have the money held until the minor reaches age 18 or possibly 21. If you want the money to be held longer than that, then you would need to, uh, put it into a trust. So if you have any questions about the uniform transfers to minors act, well, give me a call at (727) 847-2288.