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Estate planning simply allows you to decide who will or will not receive from your estate when you are gone. Of course there are more complex issues surrounding estate planning, but for this moment, we are just going to focus on this one issue; beneficiaries.

A beneficiary is any person who gains an advantage and/or profits from something. You can be the beneficiary of someone's kindness, the beneficiary of a good education, or even the beneficiary of your own hard work.  When it comes to estate planning, you can be the beneficiary of an estate plan and receive money passed down from a loved one.

There is no black and white rule that says you must make your family members your beneficiaries of your will. Yes it is true, you cannot entirely disinherit a spouse, but if you were planning to do that, why are you even married to that person?

If your children did not treat you right while you were alive, why hand them a stack of cash that you worked so hard to receive and allow them to enjoy the fruits of your labor when you are gone?

If you fail to plan or if your plan is invalid because you thought you would save a few dollars by drafting your own documents, you will pass away 'intestate' and the state will decide who will receive from your estate based on Florida Statutes.

With proper estate planning, you can name specific beneficiaries to receive from your estate. If you want to leave everything to charity, go for it. If you want to leave $1.00 to your brother to annoy him from your grave, go for it. If you want to treat your children differently and give them different amounts, go for it.

Be sure to be specific when drafting your estate planning documents to avoid challenges to your will. Challenges to wills by distant relatives are so common that lawyers have a nickname for those people: "laughing heirs"- as in they will be laughing all the way to the bank if their challenge succeeds. People tend to come out of the woodworks and believe that they're closer than they are and should have some claim.  

There is no need to worry about a guilt trip when you are gone. Remember, you are GONE. Do not worry about how you will make a family member feel when they realize they are not a named beneficiary in your estate plan.  Be selfish, do what you feel is right inside, not what you think others would expect of you.

To avoid challenges to your will and make sure the right beneficiaries receive from your estate, you will need to work with an experienced estate planning attorney.

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

You Can't Predict The Future But You Can Plan For It.

Eeny, meeny, miny, moe.......Friends vs. Family

Family isn't always blood. It's the people in your life who want you in theirs; the ones who accept you for who you are. The ones who would do anything to see you smile and who love you no matter what. 

You work hard your entire life; why not pass your hard earned assets on to the ones you love and who you feel deserve it. You are not obligated to give your assets to any specific family member. You can give your assets to your friends. However, without proper planning there is a chance your estate could end up in the hands of family members you are not too fond of.

So how do you stop that from happening? You draft a well written Last Will & Testament or Trust that spells out exactly who you want to receive from your estate and who you do not want to receive from your estate.

Disinheriting someone can be a way to haunt a family member from beyond the grave, but there may be pragmatic reasons involved. So if you plan to leave someone out of a will, there is a blueprint for doing it.

Spouse and Minor Children

Under Florida law, you are not allowed to disinherit a spouse (unless there was a prenuptial agreement). The spouse will be entitled to an elective share of 30% of your estate.

You can not completely disinherit a minor child. Florida's Constitution contains homestead laws which prohibit the head of a family from leaving his or her residence to someone other then their surviving spouse or minor child if either is alive.

Adult Children

As children turn into adults, there are times when there is no longer a relationship anymore. If that is the case, parents don't feel comfortable passing their hard earned assets to their children.  In Florida, if a parent wants to disinherit an adult child, they need to clearly state their intentions in the will and state they don't want that child to receive. Simply by omitting that child from the will, is not enough.

“Disinheriting someone can be a way to haunt a family member from beyond the grave, but there may be pragmatic reasons involved.”

Parents

Parents are not entitled to anything in your will. But if you die without a spouse or children, your estate will go to your closest relatives who are your parents. So if you want to deliberately disinherit a parent, you need to write it in the will and designate a different heir.

Extended Relatives

In Florida, there is no legal obligation to leave assets to siblings, aunts and uncles, or cousins. But if you die without a spouse, children or parents, your next closest relatives would inherit your estate.

Just remember, estate planning requires asking yourself 'WHAT IF". It is so important to determine who you want and who you don't want to receive from your estate and the possible scenarios that occur when you pass away. 

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.