As a whole, the world is turning into a digital society. There are so many online accounts to keep track of and, unfortunately, many people don't think to include these accounts when doing their estate planning. With the majority of Americans, Florida residents included, using the internet, accounting for digital assets is a growing concern.
The discussion of how an estate should be divided among heirs can be a tricky one. While some individuals leave very specific instructions as to who will receive what, others are not as thorough. One aspect of an estate that may not be spelled out in a will or trust includes beneficiaries on life insurance policies. In such cases, Florida residents would benefit from knowing how life insurance is affected by the probate administration process.
Estate planning is an essential part of preparing for the future. Determining who to assign as beneficiaries to certain assets can prove to be a difficult decision for some. Even after those decisions are made, life changes may warrant the modification of an estate plan, including updating beneficiaries on all applicable accounts. Unfortunately, updating beneficiaries is something many individuals, in Florida and across the country, fail to do.
Choosing how assets should be divided after death can be a difficult decision. When creating wills, many people tend to think of their immediate family members in determining who should be given what item or how monetary assets should be split up. However, with a growing number of individuals in Florida and across the country choosing to forego children, many choose to consider where their money would do the most good after they are gone.
Planning for the end of life can be somewhat disturbing to think about; however, not planning can leave loved ones with a mess to work through. Carefully considering and writing down final wishes, determining beneficiaries and deciding how any remaining assets will be divided, can help prevent any issues or fights between relatives. With so much to think about, many Florida residents may wonder where to even begin in their estate planning. A good place to start would be to review some of the legal documents available to express certain wishes.