Do I Need a Separate Will for Digital Assets Like Social Media Accounts, Crypto Wallets, Or Online Businesses?
Video Summary
Do I need a separate Will for digital assets like social media accounts, crypto wallets, or online businesses? No, you do not. The Florida statutes provide for language to be used in Wills, which deals with digital assets. This was negotiated with the large Google and other digital asset platforms, and so you put this language in the Will that gives your executive the right to access these accounts and deal with them. Now, the exception is cryptocurrency, which number one is, that’s sort of like cash. There is no one to deal with, and so if you don’t have the wallet, you don’t have access. So, whoever does have the wallet, may have access to the cryptocurrency and so it does not work as far as that’s concerned with your will. And so, you would need to provide, make provision for your wallet number to be available upon your death to your executor. Otherwise, it may be lost forever. If you have any questions, give me a call at (727) 847-2288.
Can I Include Instructions for Personal Items Like Jewelry and Heirlooms Separately from the Will?
Video Summary
Can I include instructions for personal property like Jewelry, Heirloom separately from the Will? The answer is yes. Not only do you have it separately, but you also incorporate that list in your Will by referencing a tangible personal property list and saying that you’re dispersing or distributing these personal items that need to be signed and dated. And so, you reference that in the Will, which has the binding effect on the personal representative and designates the beneficiaries of these individuals. Now that list must be tangible, personal property. It cannot be money, stocks, bonds, intangibles, so it can be automobiles, heirlooms, jewelry, or whatever you designate the person you want to receive it. And the items, you don’t need to say, I leave my ring. You need to specifically identify which ring you want on this list, and whatever lawyer prepares your Will should be able to provide you with a form for you to complete and sign. And you can also change it without having to change your Will. Just sign a new list or sheet and sign and date it and suggest you go ahead and give a copy of it to your attorney so that he has the latest version of your tangible personal property list. If you have any questions, give me a call at (727) 847-2288.
How Do I Choose a Reliable Executor, and What Responsibilities Will They Have?
Video Summary
How do I choose a reliable executor and what responsibilities will they have? Well, you need to pick someone who is trustworthy, that you trust, and that you believe will treat all the beneficiaries fairly and knows enough to contact an attorney to get some guidance as far as handling the probate of your estate and handling your affairs as far as what their responsibilities are, as they need to petition the court to be appointed. And once they’re appointed, then a lawyer acts on their behalf, but they have a responsibility for filing a notice of administration to the various beneficiaries of the estate and also sends a notice to creditors giving the notice, giving them notice to file their claims in the estate. Moreover, they have the responsibility to send that notice to any reasonably ascertainable creditor so that the creditors can file their claims and the claim period runs about three months after.
They also have to file an inventory in 60 days, and they need to marshal the assets, meaning they need to collect the assets. I usually have them set up an estate account so that all the money goes into one account, so that whenever we have all the assets in and we file the inventory, we can then have an accounting to show what the expenses are and how much money is available to pay creditors and how much is available for the beneficiaries, which we then, if there’s enough money to pay the creditors, we pay the creditors. And then the balance, the money is distributed to the beneficiaries, but they’re entitled to accounting and to object to it or not. So that’s in a nutshell what the responsibilities are of an executor in Florida. The executor needs to be one of the following, either related by blood or in the alternative, a resident in the state of Florida, one of the two. So, if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos, Wills
When Should I Update My Will, Trust, Or Other Estate Planning Documents?
Video Summary
When should I update my Will, Trust or other estate planning documents? You should update those when there’s a change in circumstances. Some of the circumstances would be in the event that you have more grandchildren or you have a problem with the death of one of the beneficiaries, a death of a child, the circumstance of one of the beneficiary changes, such as if they have a dependency problem or you need to set up a special needs trust for them or the circumstances of the beneficiary. Also, if you relocate to another state, well, you will want to have the Trust reviewed to see if it complies with the Florida law and have it controlled by the state where you are now residing. One of the big things that you need to look at your Trust is when it was set up, what the tax laws were. Many of the older Trusts have a provision to try and take advantage of the unified tax credit so that they split it up into two Trusts, a marital Trust and a credit shelter Trust. Well, now they’ve raised the estate tax limitations of approximately $14 million, which eliminates the problem of having to have two Trusts to take advantage of the credit shelter, and it can have some ramifications as far as how the credit shelter is dispersed to the spouse. So, these are some of the reasons why you want to look at your will or trust because of the change in circumstances if you lose a spouse, would be another one. Death of beneficiaries. If you have any questions, give me a call at (727) 847-2288.
If I Move to Another State, Will My Current Will Still Be Valid?
Video Summary
If I move to another state, will my current WILL still be valid? More than likely it will be valid and that it is usually, if it’s valid where they sign the Will in whatever state it is, it’ll be recognized here in Florida. I do suggest that you probably get a new will whenever you move to another state to see that it complies with Florida law. Florida has a unique law, which I think is something unusual about Florida is they require that a personal representative that you designate be a Florida resident or related by blood, so on air. So, you can’t name your New York lawyer or your out-of-state lawyer as your executor since they’re not related, nor are they residents of the state of Florida. But your will would probably be valid, although there may not be some provisions. So, if you move to another state, suggest that you review your estate planning documents, including your power of attorney, healthcare surrogate and durable power of attorney, as well as your will and trust to see if they comply with Florida law and or if there’s any changes or that you want them to be controlled by Florida law. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills