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St. Petersburg Estate Planning Blog

Risky mistakes in estate planning can be repaired

Planning your estate is an important part of life. It comes with a lot of uncomfortable discussions that you need to have with your spouse and your children since it deals with things that will happen if you become too ill to make decisions or for when you die. Because of this, many people will forgo this vital aspect of life. There are some risky mistakes that people make during estate planning that thankfully can be fixed.

Many people don't think that elder abuse will ever happen to them as they age. The sad fact of the matter is that it can happen and when it does, it often involves financial abuse such as fraud. You can protect against this happening to you and your estate by making the following changes in your life right now.

What are the steps to closing a real estate transaction?

Real estate transactions happen every single day across Florida and the rest of the country. Some involve commercial property and some involve residential property. Whether you are looking to buy or sell, it's important to know how a transaction of this kind occurs and what is needed for it to be a successful one in St. Petersburg.

The first thing you need to do is open an escrow account. This is when a neutral third party holds the money involved so neither the buyer or the seller gets scammed or ripped off.

Working With Adult Children To Assure Peaceful Estate Planning

Whether you are making out a will, or need a more elaborate estate plan, chances are if you have adult children they will have their own opinion about what you should do with your money both while you are still here, as well as after you are gone. If you have multiple children, there is a good chance that they may disagree with whatever you choose to do, and may even fight amongst themselves after you are gone, putting your estate into probate, rather than where you want it to go.

The Motley Fool has a few suggestions on options for avoiding probate, including setting up a living trust, setting up joint ownership of property, and making accounts payable on death. While these are good place to start for many, it is important to acknowledge that there is not a "one size fits all" way to handle your estate plan.

Important checklist for Florida estate planning

Are you planning your estate in St. Petersburg, Florida? If so, you are making an important decision that affects not only you but also everyone else in your family. This is an especially important undertaking if you have minor children. Planning out your estate before it's too late makes it easier for everyone to move on after your death.

By preparing ahead of time, you will be able to prevent fighting among your children (if they are adults), fighting among your siblings and any other familial issues that could arise at the time of your death.

Benefits of trusts for real estate

The benefits of holding Florida real estate in a trust are many and varied. A living, or revocable trust, once formed, can continue to have assets placed in it. A trustee, who can be an individual or a business entity, administers the trust per your instructions.

Avoidance of Probate

The importance of estate planning in Florida

Estate planning is one of the most important tasks you can perform in life. The sad fact of the matter is that too many people fail to plan their estate before it's too late. The sooner you put together your estate, the better protected you, your dependents and your spouse will be upon your death no matter your age. Let's take a look at the importance of estate planning in Florida.

The biggest reason estate planning is so important is that you will be able to prevent your assets from winding up in the hands of those you never intended. A proper estate plan lists your beneficiaries and what each person is supposed to receive from your pool of assets.

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Fisher & Wilsey, P.A.
1000 16th Street North
St. Petersburg, FL 33705

Phone: 727-369-8572
Fax: 727-821-6681
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