Any number of unique family circumstances can make estate planning challenging. One such example is estate planning for a blended family. There are many considerations to make when determining how an estate will be divided and distributed in a blended family.
Divorce is often ranked as one of the most difficult life experiences. Most people consider the emotional challenges of going through a divorce and changes to the family structure. But there are many technical and legal aspects of a divorce, as well.
We live in a digital age. More and more of our business, financial, and personal lives are managed and housed online. As the digital age keeps progressing, questions arise regarding ownership and management of those assets after an individual dies or becomes incapacitated.
It is no secret that a will can be an enormously valuable document. A will can protect a person's kids, assets and various wishes after his or her death and shield family members from lengthy, contentious legal battles. It can also prevent certain parties from receiving money or property the decedent did not want them to have.
Orlando families working out how their patriarchs and matriarchs will pass on assets after death may want to hear what one respected financial adviser has to say on the matter. To start, avoiding errors caused by the process's complexity is the first step to successful estate planning. After that, making sure the correct paperwork is filed and updated to reflect any changes in circumstances should be at the top of a family's estate administration tasks.
Estate planning is not a comfortable topic for a lot of Florida residents. Only 43 percent of Americans have a will although most people understand that a beneficiary must be designated or default state regulations, such as probate court, come into play. Some people don't understand the value of assets they have, such as insurance policies, and have people designated as beneficiaries people with whom they were once close, but are no longer.