Wills vs Trusts: Which is Right For You

Most people at some time give thought to estate planning for the future of their assets and loved ones. But in our modern times, your Digital Estate may not get the attention it deserves. Here, a Wills and Trusts Attorney in Tampa from Mortellaro Law discusses handling your Digital Estate Planning in Florida.What is a Digital Estate?We are surrounded by technology and so it is no surprise that most of our financial affairs are handled through digital mediums. All this electronic information stored on your computer, tablet, smartphone, smart watch, and in the cloud is considered a digital asset and as such, part of your digital estate. These assets may or may not have financial value, but they typically have some sort of value to you, and should be accounted for in your complete estate plan.Think of all the electronic assets you possess and use on a regular basis. Make a tally of them by category so it is easier to keep track of them. This is your Digital Estate.Personal Property | Discusses Handling Digital Estate PlanningList all your personal online accounts on social media, email accounts, personal shopping accounts, photo storage accounts, video sharing accounts, and other ways you interact online. Be sure to include all the usernames and passwords for each account.Property with Monetary ValueList here your accounts that actually hold money, like bank accounts, credit accounts, PayPal, Venmo, Wallet, Samsung Pass, Apple Pay, Google Pay, Cash App, loyalty rewards accounts, online betting accounts, and any other programs or apps that can hold or transfer money. This can also include any bitcoin or other cryptocurrency holdings and NFTs. Again, list the usernames and passwords for each account or app.Business-related PropertyDo you operate an online store like eBay, Etsy, Amazon, or others? These accounts are also part of your digital property. Many may hold real assets like intellectual property you have created (eBooks, drawings, photos, music, etc.) and to which you hold the rights. Include any website domains you hold, blog content with original writing, and online video channels where the content is monetized and produces a profit.It is estimated that the average consumer in the US has around 100 or more online accounts with usernames and passwords! And yet, we often underestimate the value of our digital estate.Managing My Digital Estate Planning with a WillA Will and Trusts Attorney in Tampa can explain how a legal will can help you manage your estate, including your digital estate. All your digital assets and the information required to access them should be recorded in your will. Be sure to include instructions for how you wish these assets to be handled, recorded, donated, liquidated, maintained, or otherwise distributed by your executor.Digital assets with monetary value will be of particular importance, as they will form part of your estate that will be subject to probate. If you hold significant digital assets and do not account for them in your estate planning, this can cause serious problems or setbacks during probate. They may cost your loved ones or other beneficiaries tax penalties and delays. They may also be subject to seizure or liquidation to satisfy debts.Managing My Digital Estate Planning with TrustsDigital assets that hold some monetary value may be better managed by placing them in a Florida trust. Different types of trusts exist to hold property and shield it from probate, excessive taxation, exploitation, and loss. By placing assets in a trust, you can direct how they are used and preserved, saving them for your loved ones and protecting them from risk of seizure by creditors or lawsuits.Asset protection trusts are designed to protect even digital assets from excess taxation, misuse, and more. For example, if you own an online store that contains intellectual property for sale (writing or music for download as an example), this can be an ongoing source of income. Placing this digital asset in a trust allows your beneficiary to continue enjoying the profits of this property indefinitely, or however you leave instruction within the trust documentation.Digital assets in trust can also be left to specific beneficiaries who may better appreciate the assets and enjoy benefitting from them, preserving them for the future, and more.Get Help from a Wills and Trusts Attorney in TampaIf this is the first time you have ever considered your digital estate assets, now is the time to review them and compile a comprehensive record for your estate plan. Help from a Wills and Trusts Attorney in Tampa from Mortellaro Law can be invaluable as you seek to protect your digital assets and preserve them for future generations. Contact Mortellaro Law today to schedule an estate planning consultation and review your digital assets.

Losing a loved one can be a difficult and painful time for family and friends. There are many things to consider after someone passes away, including what happens to their bank. If someone dies without a will in Florida, their bank account and other assets will be subject to the states intestacy laws.Dying IntestateIntestacy laws dictate how a persons assets will be distributed if they die without a will. In Florida, if someone dies without a will, their assets will be distributed according to these laws. This means that the deceaseds bank account will be distributed to their heirs according to the states laws. It is important to note that if the deceased person had outstanding debts or liabilities, they must be paid before any assets, including funds in a bank account, can be distributed to heirs. If there are insufficient funds in the bank account to pay off the debts, the heirs may not receive any inheritance from the account.Bank Accounts with Named BeneficiariesIf the decedents bank account has named beneficiaries, it will pass directly to those individuals upon the decedents death. This setup allows control of the bank account and its assets to pass directly to the named beneficiaries without waiting for the exhausting probate process to be completed. The named beneficiaries must show a valid ID and the decedents death certificate to the bank. Bank Accounts with No Named BeneficiariesBank accounts with no named beneficiaries must pass through the probate process. Probate is timely and expensive, and when no will is present, the court will appoint an estate administrator to carry out its orders under state law. This often triggers family disputes and other problems because the law seldom distributes assets like bank accounts according to the familys wishes. Jointly Owned AccountsJointly-owned bank accounts in Florida typically pass to the sole ownership of the surviving joint account owner. This is called rights of survivorship. No probate process should be required.Probate AdministrationTo access the funds in a deceased persons bank account, the appointed executor must provide documentation to the bank to prove that the court has appointed them as the estate executor. This documentation may include a death certificate, letters testamentary, and other legal documents. Avoid Burdening Your Loved Ones Create an Estate Plan TodayIf someone dies without a will in Florida, their bank account will be subject to the states intestacy laws. The funds in the account will be distributed to the heirs according to the states laws. This seldom happens according to the decedents or the familys wishes. Complicated family structures and relationships can prolong the probate process while some may contest the courts distributions.  A Tampa Probate Attorney from Mortellaro Law is an invaluable resource when faced with controversial beneficiary distributions by the court-appointed administrator of an intestate loved ones estate. We are happy to consult with you and advise you on your rights and possible courses of action.  Of course, preventing this scenario and its burden on your loved ones is crucial. Mortellaro Law can help you create a sound estate plan to fulfill your wishes after your death. Asset distribution, including bank accounts, is just one benefit of establishing an estate plan now. Contact us today for a free consultation about estate planning in Florida. 

Could your assets be at risk? What you have is important to you and is therefore important to us. Our Asset Protection Attorneys in Tampa can help protect you against creditors, divorce, lawsuits, and judgments. Michelangelo Mortellaro calls it protection against creditors, predators, and other mean people. He also puts this need into perspective like this: He asks, If you lost what you have, how bad a day would that be? No one wants to lose what theyve worked a lifetime to gain, so protecting your assets is wise. Explaining Asset ProtectionInvestopedia defines asset protection as the adoption of strategies to guard ones wealth. It sounds simple enough, but the process can involve significant planning, strategizing, and steps to enact the protection you need. Our Asset Protection Attorneys in Tampa can use legal strategies to shield your assets from creditor claims, frivolous lawsuits, or other attempts at taking them. This can include the following: Retitling propertyLiability Insurance coverageLife InsuranceRetirement accountsTrustsHolding separate properties in an LLCAnnuitiesGifting assets to familyMore  There are also laws in Florida that make certain assets exempt from creditors, like retirement account exclusions and homestead statutes that protect your primary home. An Asset Protection Attorney in Tampa from Mortellaro Law can show you how to take advantage of these and other legal barriers.  Together with other tools, we can raise a multi-layered bastion of legal protections around your assets to prevent their loss. Why Would I Need Asset Protection?Millionaires are not the only ones needing asset protection. Creditors and others can come after what you have even if you dont think it could be at risk. Anything worth having can be desired by someone else. What are some likely scenarios that could see your assets at risk of seizure or judgments?  Youre a business owner whose employee left the floor wet in your store after cleaning up. A customer slips and falls, sustaining an injury. You are now facing a personal injury lawsuit. Youre a rental property owner and a guest becomes injured after falling over a broken step from the deck down to the beach. You are now facing a personal injury lawsuit. Youre a commercial property investor with several large industrial properties. One of the companies occupying your property is being investigated for illegally disposing of hazardous materials. You are named in the judgment against them by a government regulatory agency. Youre a pretty decent person, but your spouse disagrees and now he or she is suing you for a disproportionate portion of your assets in a divorce.  Yes, these types of incidents happen all the time and leave individuals and businesses struggling to stay afloat after losing significant assets.  On another note, you may need to protect assets to qualify for Medicaid Long-term Care coverage if you suffer a debilitating health condition. A well-structured Asset protection strategy can also help you keep major assets from being counted in the drastic Medicaid asset and income limits.Consult Our Local Asset Protection Attorneys in Tampa When you contact Mortellaro Law about help from our Asset Protection Attorneys in Tampa, we will help you design and implement an asset protection plan with three primary functions:  Deter lawsuits (because your assets are untouchable) Provide leverage during settlement negotiations (because your assets are untouchable)Placing your assets beyond the reach of opponents (making your assets untouchable) What would happen to you and your family if you lost everything? Dont let that happen! Contact our Asset Protection Attorneys in Tampa at Mortellaro Law to schedule a free consultation about asset protection in Florida.