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Deeb
Elder
Law,
P.A.
6675
13th
Ave
N,
Suite 2C
St.
Petersburg,
Florida
33710
Phone:
(727)
381-9800
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Fax:
(727)
381-1155
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There
are many
things
to
consider
when
establishing
or
revising
an
estate
plan.
The
first
two are
the
complexity
of the
estate
and the
decision
of to
whom the
estate
is to be
distributed.
An
individual's
estate
may be a
simple
bank
account
and a
few
personal
belongings
or
involve
numerous
bank
accounts,
stocks
and
bonds,
retirement
accounts,
vehicles,
and real
estate
holdings.
An
attorney
who
practices
elder
law and
estate
planning
can
advise
and
assist
with
drafting
a proper
and
valid
will,
creating
a
revocable
living
trust,
setting
up an
in-trust-for
(ITF)
designation
on a
bank
account,
establishing
joint
tenancy,
and
shifting
property
from
individual
ownership
to joint
ownership
when
advisable.
What is
a will?
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A will
is a
document
that
controls
the
distribution
of an
individual's
probate
assets
at the
time of
his or
her
death.
Why have
a will?
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Unless
other
methods
for
asset
distribution
have
been
established,
the
absence
of a
will
would
cause an
individual's
assets
to be
distributed
according
to a
Florida
statute
that
provides
for a
standard
distribution
to
certain
relatives.
A new
Florida
resident
should
have his
or her
will
reviewed
by a
Florida
lawyer
to be
sure
that it
is
properly
executed
according
to the
laws of
Florida.
What is
a living
trust?
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A living
trust,
also
known as
a
revocable
trust,
is an
alternative
to a
will for
the
distribution
of one's
assets.
During
the
owner's
lifetime,
property
can be
transferred
in and
out of
the
trust by
the
owner.
After
the
owner's
death,
the
trust
cannot
be
revoked
and the
property
owned by
the
trust is
not
subject
to
probate.
What
does
in-trust-for
(ITF)
mean?
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It is a
designation
placed
on bank
accounts
stating
who will
automatically
receive
the
funds in
the
account
at the
time of
the
account
holder's
death.
This may
also be
given
"pay on
death"
or
"transfer
on
death"
designations.
What is
joint
tenancy?
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Joint
tenancy
with
right of
survivorship
is one
of
several
ways for
two or
more
people
to hold
an
interest
in the
same
property
at the
same
time.
Almost
any kind
of
property
can be
held in
joint
tenancy,
whether
personal
property
or real
property
such as
homes,
buildings,
land,
and even
bank
accounts.
Estate
planning
needs
are as
diverse
as
people
are
different.
It is
advisable
to seek
the
professional
advice
of a
qualified
attorney
when
considering
the
development
of an
estate
plan or
the
modification
of an
existing
one.
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