WHAT IS A MIRROR IMAGE WILL
Video Summary
What is a mirror image will? A mirror image will is whenever two persons name each other as the beneficiary. So,say Mary Jones says I leave everything to John Brown and John Brown in his will turns around and says, I leave everything to Mary Jones. You usually go further that says that the event that either Mary Jones dies or, he either one of ’em passes away, they name the same, alternate beneficiaries and name each other as their executors. And then depending on the circumstance, whether they name it the same alternate personal representative. So the mirror image will particularly, as far as husband and wife is concerned, but it doesn’t have to be a husband and wife. They basically name each other. And the terms of their wills are the same whenever either one of them passes away. So if you will give a call (727) 847-2288.
- Published in Estate Planning, Videos, Wills
Can I Contest the Handling of Money By My Power Of Attorney Representative
Video Summary
Can I contest the handling of money by my power of attorney representative? The answer is yes, under Florida law. The power of attorney who is now called an agent is responsible to prepare an accounting of the handling of any of your monies. I find that most of the time they do not do that, particularly if they’ve mishandled it, but certainly you can sue them for if they used the money improperly and that they have a, what they call it. They’re in a position of trust called a fiduciary relationship and they don’t use the money for your behalf or what they’re authorized to use it for. They are reliable to you for any abuses of the power of attorney. You have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
When Should I Make Updates To My Estate Plan
Video Summary
When should I update my estate plan? You should update your estate plan when there’s a change in circumstances. This is usually whenever the beneficiary passes away. Particularly whenever you have a husband and wife situation and you lose your spouse, that’s a good time or a reason to update your will to them. Look at your designated beneficiaries to see if they’re still the same. And also as far as selecting who your personal representative, if you want to be and do further estate planning in order to avoid probate. Also, if your personal representative becomes disqualified or dies, that’s another change in circumstance that you may wish to change your will or update your estate planning documents. Also, there can be changes as far as your children or your beneficiaries are concerned, their life, changing situations such as, alcohol or drug abuse. And if you wish to eliminate them while you should update your estate planning documents, or even who you wish to have as your power of attorney, or can make medical decisions for you. So if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
Does My Will Have To Be Probated
Video Summary
Does my will have to be probated? Your will does not have to be probated unless you have assets that are just in your name alone by having a will designating, the beneficiaries does not avoid probate. What avoids probate is titling your assets with a beneficiary designation or holding those assets jointly. So whether or not your will has to be probate depends on whether or not you die owning any assets that are titled just in your name. Most of the time that I see is it’s real estate that is in the decedent’s name and there’s no beneficiary designated on the deed. So to avoid probate, you can do estate planning. So if you have any questions about probate or how to avoid probate and estate planning, call me at (727) 847-2288.
- Published in Estate Planning, Probate, Videos, Wills
Can a Portion of a Will be Invalid
Video Summary
Can a portion of a well be invalid? The answer is yes. it can be. One of the reasons I primarily see it being invalid is whenever you make out a will, husband and wife and you leave everything to your spouse, and then you later get divorced, the law provides that, portion of the will, where you left everything to your wife is ineffective. A divorce interprets the will as if the ex-spouse predeceased you. And it would go to the alternate beneficiaries. Another reason is, if you put some provision in your will as to your homestead property, and you don’t leave it outright to your spouse, or if you have minor children, you try and devise it to someone. That portion of your will may be invalid since the Florida constitution governs who you can leave your home to, what you can leave to and to whom. And so, that may be another reason why a portion of the will would be invalid. Another one, which we don’t see very often is whenever you have a device against public policy, an example of that says, well, I leave, $10,000 to my daughter provided that she does not get married. And so that would be a, the buys would still be valid, because that would be a provision against public policy. So if you have any questions, give me a call its (727) 847-2288.