A New Year's Resolution You Can Actually Follow Through With

We are now 4 days into 2016. You may or may not have already ditched your new years resolutions by now.  After all, just because the calendar presents a new year, it doesn't mean you are going to turn into a gym rat, run a marathon, or change your diet from regularly eating pizza and pasta to eating no carbs and drinking green smoothies.

There is one resolution you can make that does not require changing your daily routine; that is reviewing your estate plan! It is time to dust off your estate planning documents and make sure your plan accurately reflects your current wishes and goals.

If you live in South Florida and do not have any estate planning documents, it is time to prepare them! Estate planning documents, such as your will, trust, and power of attorney are living documents. They need to be reviewed and updated as the laws change and as your family and financial situations change.

“There is one resolution you can make that does not require changing your daily routine; that is reviewing your estate plan! ”

Have there been any life changing events since the last time you reviewed or prepared your estate plan? If you can answer 'yes' to any of the following questions, then your estate plan should be reviewed:

* Did you get married or divorced?

* Did your spouse pass away or become incapacitated?

* Did you have or adopt any children?

* Did any of your beneficiaries marry, divorce, have children, pass away or become incapacitated, or encounter creditors or other financial problems?

* Did any of your designated fiduciaries pass away or become unfit to serve in their designated roles?

* Did you retire?

* Did your financial situation change?

* Did you buy or sell a home?

* Did you sell your business?

* Did you acquire new assets?

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida, at (954) 303-9468 to discuss your estate planning needs.

You Can’t Predict The Future, But You Can Plan For It.

My Future Ex-Spouse Deserves NOTHING!

First comes love, then comes marriage, then comes divorce? If you realized that you never should have gotten married before having children, we salute you. However, most people marry, have children, then have an UH-OH moment and divorce. 

While in the process of getting divorced, you wish for your future ex-spouse to receive nothing! After all, you feel they don't deserve anything. What more is there to say?

If only you could say to your future ex-spouse, 'no soup for you' when it comes to receiving anything from your estate. If you are proactive and decide to update your estate planning documents while in the midst of the divorce process (which can take months or even years), in the State of Florida you cannot fully disinherit your spouse. The only way to leave your future ex-spouse out of your will and receive nothing is to have signed a valid prenuptial or postnuptial agreement. Otherwise, your spouse is entitled to the 'elective share'.

In Florida, the elective share to which a spouse is entitled comprises an extensive list of types of assets and property, which is detailed in Florida Statute 732.2035. The spouse is entitled to 30% of your estate through the elective share. However, if your spouse is going to take the elective share of your estate, a request must be filed within 6 months of date of service of notice of administration or within 2 years after the date of the decedent's death.  

If you are in the process of a divorce it is best to update your estate planning documents as soon as possible. Make sure your soon to be ex-spouse does not benefit more then allowed by the State of Florida. Also, do not forget to change any beneficiary designations that list your spouse to receive on anypay on death accounts (ie. life insurance policy, retirement accounts, investments, etc.)

“The only way to leave your future ex-spouse out of your will and receive nothing is to have signed a valid prenuptial or postnuptial agreement. Otherwise, your spouse is entitled to the ‘elective share’.”

Once you are officially divorced, do not forget to update your will or trust yet again. You should remove any language regarding your ex-spouse from your will or trust and at this point they no longer have a legal right to receive anything from your estate.

If you live in Miami-Dade, Broward, or Palm Beach county contact an experienced estate-planning attorney at The Hershey Law Firm, in Fort Lauderdale, Florida at (954) 303-9468 to discuss your estate planning needs.

You Can't Predict The Future, But You Can Plan For It!