Author: WB Admin

How Divorce Can Impact Your Estate Plan

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Monday October 21st, 2024.

Going through a divorce can be challenging, and it is easy to overlook some of the less obvious things, such as your estate plan. After a divorce, there are often many loose ends, and if you do not update your estate planning documents, you could run into problems later on. Your will, trust, and even power of attorney can be affected. Let’s look at how you can make sure your plan reflects your new life situation.

Your Will and Trust Will Need Changes

One of the biggest changes that happens after a divorce is how your will and revocable trust are handled. Under Florida law, any part of your will that leaves something to your ex-spouse becomes invalid after the divorce unless you specifically state otherwise. This is important to know because if you do not update your will, the state may have to be involved in distributing those assets.

Similarly, if you had your ex-spouse listed as a beneficiary in your revocable trust, Florida law will treat it as though they predeceased you, meaning they no longer have a claim. If you do not update this, your trust might not distribute your assets the way you intend.

Update Your Beneficiary Designations

Do not forget about your beneficiary designations either. These are the people you have named to receive your life insurance policy or retirement accounts. After a divorce, Florida law automatically cancels your ex-spouse as the beneficiary unless you make it clear that you still want them to receive these assets. If you do not update these designations, the assets might end up being distributed by the state.

Power of Attorney and Health Care Decisions

If your ex-spouse was named as your power of attorney or health care surrogate, you will need to change that, too. In Florida, once you file for divorce, your ex-spouse’s authority as your power of attorney is revoked automatically. The same goes for health care decisions. It is a good idea to name someone else so that your ex is not the one making decisions for you if you become incapacitated.

Take the Next Steps

After a divorce, you must ensure your estate plan reflects your new reality. If you are unsure where to start or if you need help making these changes, reach out to Wickersham & Bowers. We can guide you through the process and ensure your estate plan reflects your wishes.

Estate Planning for Blended Families: Avoiding Common Pitfalls

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday October 21st, 2024.

Blended families are common today. However, they bring unique challenges, especially when it comes to estate planning. When you or your spouse have children from a previous relationship, making sure everyone is cared for takes some careful planning. It can get complicated, but it is definitely doable if you take the right steps.

How Florida’s Inheritance Laws Impact Blended Families

In Florida, if you pass away without a will, your estate could be divided in ways you did not expect. By law, your spouse might get half of your assets while your children get the other half. This could cause problems, especially if there are stepchildren in the picture who are not automatically included. To avoid these kinds of conflicts, you should consider having a clear estate plan in place.

Why a Simple Will Is Not Enough

Many people think a simple will is enough, but for blended families, it often is not. If you leave everything to your spouse, your children might miss out in the future, especially if your spouse remarries. A trust can help solve this problem. With a trust, you can make sure your spouse is provided for during their lifetime while also guaranteeing that your children receive their inheritance when the time comes​.

The Importance of Beneficiary Designations

Beneficiary designations are also very important in blended families. These apply to life insurance policies and retirement accounts, and they make sure that the right people get your assets. Keep in mind that you should regularly update these designations, especially after major life events like getting remarried or having more children. 

Addressing Family Tensions

Blended families can sometimes face tension when it comes to estate planning. It is important to talk openly with your family about your wishes so that everyone understands your plan. This can help prevent arguments later. In some cases, it is helpful to involve a mediator or a legal professional in the process.

Protect Your Family’s Future

Planning your estate in a blended family can be challenging, but it is necessary to ensure that your spouse and children are both taken care of. Make sure to use trusts, update beneficiary designations, and communicate clearly with your loved ones. If you need help, Wickersham & Bowers is here to guide you through the process.

Changes to Florida Alimony Laws: What You Need to Know

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Monday September 23rd, 2024.

In 2023, Florida made some big changes to its alimony laws, which now impact many people going through a divorce. The passing of Senate Bill 1416 introduced new rules, including getting rid of permanent alimony. This update is important because it changes how alimony is awarded and calculated in the state. Here is what you should know about these new rules.

Permanent Alimony Is Eliminated

One of the most significant changes is the elimination of permanent alimony. In the past, a spouse could be awarded permanent support that lasted indefinitely, often until death or remarriage. Under CS/SB 1416, this option no longer exists. With this shift, Florida aligns with the growing trend across the country to move away from lifelong support.

The Four Types of Alimony in Florida

Although permanent alimony is no longer an option, Florida still recognizes four other types of alimony, depending on the needs and circumstances of the divorcing couple:

  1. Temporary Alimony: This is awarded during the divorce proceedings to help cover immediate financial needs until the divorce is finalized.
  2. Durational Alimony: Durational alimony provides support for a specific period, usually for marriages of moderate length. It is limited to 75% of the marriage’s length. For example, if a couple was married for ten years, the support can last for up to 7.5 years.
  3. Bridge-the-Gap Alimony: This is capped at two years and is meant to assist with short-term needs, such as transitioning to a new home or lifestyle.
  4. Rehabilitative Alimony: This type of alimony is capped at five years and is designed to help a spouse gain education or job training to become independent.

Stricter Alimony Guidelines

Another key change is the introduction of stricter guidelines for alimony calculations. Under the new law, alimony payments cannot exceed 35% of the difference in net income between the two spouses. 

Contact Us for Guidance

Florida’s new alimony laws are intended to create a fairer system. However, the changes may also create challenges depending on your situation. At Wickersham & Bowers, we are here to help you navigate these updates and make sure your rights are protected. Contact us today for guidance and support with your divorce proceedings.

How to Create a Valid Power of Attorney in Florida

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday September 23rd, 2024.

A Power of Attorney (POA) refers to a document that legally allows someone else the right to make decisions on your behalf. A POA can be crucial if you need someone to handle your finances or healthcare decisions. Also, with a POA, you can ensure that your wishes are followed in case you are incapacitated. 

Types of Power of Attorney in Florida

Florida recognizes several types of POAs, each serving different purposes:

  • General Power of Attorney: This type allows someone (called the agent) to manage your financial matters. They can pay bills, manage accounts, or handle business transactions.
  • Durable Power of Attorney: For a durable POA to be effective in Florida, the document must clearly state, “This durable power of attorney is not terminated by the principal’s incapacity.”
  • Healthcare Surrogate: In Florida, the healthcare version of a POA is called a “Designation of Health Care Surrogate.” This document allows your agent to make medical decisions for you if you cannot make them yourself.

Key Requirements for a Valid POA

To ensure that your POA is valid in Florida, it must meet several specific requirements, including: 

  1. You and your agent must be at least 18 years old and of sound mind. 
  2. Florida law also requires that the POA be signed by you (the principal) in front of two witnesses and notarized.

You should choose your witnesses carefully. They should be “disinterested,” meaning they are not family members, agents, or people who stand to inherit from your estate. 

How to Create Your POA

  1. Draft Your Document: You can create a POA using an attorney, estate planning software, or by downloading a template. Make sure the document clearly outlines the agent’s powers and responsibilities.
  2. Sign in the Presence of Witnesses: You, your witnesses, and a notary must be present to sign the POA. If you are unable to sign the document yourself, the notary may do it for you.
  3. Store the Document Safely: Keep the original document in a safe place and let your agent know where it is. You should also give copies to any relevant parties, like healthcare providers or financial institutions.

Get Personalized Guidance

Creating a valid Power of Attorney in Florida can be straightforward if you follow the correct steps. At Wickersham & Bowers, we are here to help you navigate the process and ensure everything is done correctly. Contact us today for personalized assistance with your estate planning needs.

How Family Law Addresses Child Custody Disputes During a Divorce

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Monday August 26th, 2024.

Family law is an essential aspect of public records, and it plays a fundamental role in cases like divorce and child custody disputes. After divorce, many parents find it hard to come to a mutual agreement on who should have custody of the children, prompting lengthy child dispute cases. Under such circumstances, family law comes into play to serve the best interests of the children.

Here’s an overview of how family law helps manage these child dispute cases. 

1. Categorization of Custody Types 

While addressing child custody disputes, family law starts by categorizing custody into different types: physical custody and legal custody. Physical custody defines where the children will reside, while legal custody defines who makes major decisions in the lives of these children. 

In other instances, both parents are given joint custody, meaning that both parties are equally involved in caring for their children. If one parent is given sole custody of the children, it means that the parent has more legal rights over the decisions involving the children. 

2. Adopting Child Standards 

Many parents claim to have the best interests of their children at heart, but this is not always the case. Child custody disputes are usually more about parents having their way and less about the best interests of the child. Family law plays a critical role in adopting the Best Interest of the Child Standard. 

This overarching principle guides the court in making decisions, especially after evaluating different factors, such as:

  • The ability of each parent to meet the children’s basic needs.
  • The wishes of the children, depending on their age and maturity.
  • The children’s safety and health concerns.

3. Parenting Plans

Finally, family law helps create parenting plans. Parenting plans include specific details on where the child or children will live, visitation schedules, and how decisions involving their education and healthcare will be made. Parenting plans are critical in minimizing conflicts by outlining the responsibilities and schedules of both parties. 

Need Help with a Child Custody Dispute?

Family law is unchanging, and it is upon its provisions that the courts make decisions on where your child lives and where they attend school. For personalized guidance through your child custody dispute, contact Wickersham & Bowers today.

What Are the Risks of Not Having a Will or Trust in Place?

Posted on by WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday August 26th, 2024.

The risks of not having a will or trust in place are far-reaching, and they go beyond just creating complexities concerning the continuity of your estate. It leaves your loved ones vulnerable to exploitation, especially because of the potential lawsuits that can drag on for years in court. Recognizing these risks is important for anyone who thinks about dying intestate and then taking proper steps to have a will or trust in place. 

Here’s a list of potential risks if you have no will. 

Your Family Has No Control Over the Distribution of Your Assets

If you don’t have a will or trust in place before your demise, your loved ones will not have the ability to distribute your assets peacefully. The state intestacy laws will take precedence and assign heirs to your estate based on some generic legal formula. The outcomes of this legal formula may not address the specific needs of your family, especially if the appointed heir blows through the family fortune in a few months. 

Ugly Family Disputes that Can Damage Your Pristine Reputation

If you don’t leave a legally defined plan for your estate’s continuance after your passing on, you will be creating a perfect recipe for ugly family disputes. The disputes will not only leave your family divided in different directions; the disputes will damage a reputation that took you years to build. In addition, your family will pay dearly for these disputes when they end up in court. 

Probate-Related Complications

Not having a will or trust in place will create complications during probate. It will take your family a longer time to complete the legal process of administering your estate, pay debts, and distribute your assets amongst all beneficiaries. It is even worse when disputes arise during the process. 

Problems with Legal Guardianship and Care Decisions

Not having a will or trust in place will negatively impact any minors you leave behind after your demise. Making arrangements for legal guardianship for these minors will be harder, which exposes them to all forms of abuse. You will not only protect their interests, but it also acts as the instrument for appointing suitable guardians who will put their interests first. 

Safeguard Your Legacy

Given that none of us is guaranteed to live forever, it is only prudent to prepare a will or trust to provide your loved ones with a proper means to facilitate the distribution of your estate after your passing on. Contact Wickersham & Bowers today to discover how we can help you secure the future you envision.

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