Everyone should have an estate plan. With sufficient preparation, you can be assured that your effects will be distributed according to your wishes. In addition, you can minimize the taxes and expenses that are incurred when your assets are transferred to your beneficiaries.
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.
When it comes to planning end-of-life matters in Florida, people often remember to take care of their wills, trusts, power of attorney and life insurance, but they might not know how to address their digital assets. Because digital information can remain online for years, estate planning should include a way to handle digital property. As with physical and tangible assets, digital information needs to be left in the care of someone who is trustworthy.
Florida residents considering estate planning may be interested to learn about several aspects of this often complex process. It has been estimated that less than 50 percent of the American population has a will. In order to protect the family and existing assets, it may be beneficial to compose a well-designed financial plan to avoid any misunderstandings when the maker of the will is gone.
Estate administration isn't always a simple matter of the distribution of assets to the heirs. Anyone who has ever served as an executor in Florida is familiar with the numerous steps in between the time the will is created and the actual execution after the testator's death. Even with a small estate and a very clearly written will, unforeseen probate issues and expenses can arise.
Florida viewers of the "Fast & Furious" move franchise mourned actor Paul Walker's death in November 2013. However, the media has now reported that Walker's $25 million estate will go to his teenage daughter, according to estate administration papers that were recently filed in the case. Walker was not married, and his sole beneficiary was his teen daughter.
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.