Creative assets can be a valuable part of many estates. You don't have to be a famous author or actor to have creative assets. Someone who has published minor works, created trademarked designs for a business or invented something could own creative assets that generate some amount of income in an ongoing manner. Including those assets during estate planning lets you protect them for your heirs, building a legacy for your family that could stretch through several generations.
Typically, splitting up money in your will isn't that hard. If you have $600,000 and three children, you can just give them all $200,000 and be done with it. However, things can get a bit trickier with items that hold sentimental value. You have to determine what each item is worth to each person, even if the monetary value is just about nothing.
In our prior blog post, we discussed the case of Robin Williams' estate. His widow and his children are battling over certain aspects of his estate plan. The sad situation is a learning lesson for anyone who is following the case. We know that you don't want to think about your loved ones going through the type of legal battle that the Williams heirs are going through. We can help you to create an estate plan that minimizes the chance of that happening.
The world said goodbye to Robin more than a year ago, but his beneficiaries haven't yet said goodbye to the battle over his estate. There are two issues that the three adult Williams children and his widow are fighting over. One issue is the reserve fund that Williams said would cover the costs of the home where his widow would remain. The other issue is the division of Williams' personal property.
Many wills pass through the probate process without having any problems. There are some wills, however, that will be challenged during the probate process. While it isn't very common, anyone who is going to have to deal with a will in the future should know some of the reasons why a will might be challenged.
In our post last week, we discussed the case of Ernie Banks' will. If you recall, that will, which was filed by his caregiver, is being contested by his wife. It is for anyone who is dealing with a will to understand how different aspects of the estate can lead to either ordinary or extraordinary legal services. In the case of a contested will, the legal services would be considered extraordinary.
Estate administration is a big concern for many of our Florida neighbors who are working on an estate plan. Some of our readers might not realize that not all estates require the estate to go through the formal proceedings. The estates that don't are classified as small estates. Certain conditions have to be met for an estate to qualify as a small estate.
Losing a loved one is a hard event for anyone. Once the final arrangements are made, thoughts turn to settling the final affairs of that person. Doing so means handling debts that the deceased family member left behind. Our Florida readers might find the answers to some basic questions about debts after death interesting.
In our last post, we covered some of the people who play a part in the estate process after you pass away. One of those people was the personal representative, which is known as an executor in some places. In Florida, the personal representative's job is to handle a lot of the behind-the-scenes tasks during the probate process. This can include paying taxes, handling taxes and distributing the items in the estate.
People who are taking care of estate planning matters often want to make sure they fully understand how estate planning choices will affect their loved ones. Our Florida readers might like to know some basic factors about probate administration to help them make informed choices about estate planning matters.