Estate Planning: Woman Leaves $390,000 to Musicians in an Orchestra

Why should I bother to have a Florida will? What happens if I fail to hire a West Palm Beach attorney to create an estate plan for me? What will happen to my Palm Beach estate if I die without a will or trust? Can the entities I wish to donate to get money from my Florida estate even if I fail to specify my intentions in my will? A July 15, 2016 New York Times article discusses an “unusual item” in a woman’s will. This article shows that, by having a simple estate plan, you can actually control who gets what when you die.

Dying Without a Will in Florida

• Most Florida estate planning attorneys or probate lawyers will tell you that dying without a will may not be in your best interest.
• This is because dying without a will leaves everything in the hands of the court.
• Your Palm Beach estate will be dispersed according to the Florida’s intestacy laws or the probate laws.
• Having a will, even if it’s a simple will that leaves everything to your revocable trust, is better than having no will.
• Your probate lawyer will probably tell you that you should also consider creating a revocable or living trust.
• These trusts can dispose of assets after you are gone, much like a will does.
• They can also protect you and your property if , during your lifetime, you become incapacitated or in need of a guardianship.
• In fact, most Boca Raton guardianship attorneys will tell you that you may be able to avoid a Florida guardianship if you have a properly drafted revocable trust.
• Two other things that you should consider having are a durable power of attorney and healthcare documents.
• The healthcare documents should specify who you want to make healthcare decisions for you if you become unable to make them for yourself.

Woman Leaves $390,000 to Musicians in Her Will

• Most people want to designate specific inheritances for specific beneficiaries or heirs.
• If you wish to do this, it is important to contact a Florida estate planning lawyer to assist you and make sure that things are done correctly.
• A July 15, 2016 New York Times article reveals that a woman, Marjorie S. Fischer, left $390,000 to the musicians of the Detroit Symphony Orchestra.
• What is unique about this is that she specifically left this money to the muscians, rather than to the organization,
• Therefore, according to the article, each of the 78 full-time muscians took home $5000 thanks to Ms. Fisher and her thorough estate plan.
• To read the article, click here.