The idea of collecting an inheritance can seem, well, exciting. However, if certain protections aren't taken and strategies put in place, gaining an inheritance can cause other financial problems. Florida residents who are choosing beneficiaries as they write-up their estate plans may want to discuss inheritance with intended beneficiaries to ensure that necessary precautions are included in the final estate.
People of all ages are acquiring digital assets at an increased rate. As lives become more data-driven, protections for these assets are becoming more important. Florida residents with any amount of digital assets may want to consider adding this valuable property in their estate planning efforts.
For the average American, estate planning is not necessarily a top priority. After saving for college funds, retirement and day-to-day expenses, estate planning may not seem to be a pressing need until later in life. However, for Florida residents who are wealthy or "super wealthy," not only is it necessary to make estate planning a priority, it is necessary to keep these plans updated. In fact, anyone who has an estate plan should keep it updated, no matter his or her income level.
It's a pretty fair to say that most people would like to leave something behind for their family members when they die. Even though every financial situation is different, passing on an inheritance to loved ones is a strong desire for many Florida residents. Determining the best way to do that can take some careful planning, particularly when it comes to retirement accounts. Thanks to a new ruling by the U.S. Supreme Court, inherited retirement accounts may be subject to creditor claims.
Planning a final estate, while time-consuming and sometimes difficult, is generally considered a necessity for everyone in Florida or elsewhere. It literally takes a lifetime to build an estate, and deciding what to do with it all in the event of death can be taxing. Even with a carefully considered and organized plan, heirs may choose to dispute the terms of an estate, leading to the need for probate litigation.
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.
Many people in Florida who want to leave money to their children or grandchildren may be concerned that the heirs lack the ability to manage it. The benefactor may visualize his or her beneficiaries becoming wasteful or family money ending up in the hands of an ex-spouse. Trusts can provide some forms of protection in this regard.
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.
Orlando residents have probably heard about the family of Martin Luther King Jr. engaging in legal battles over his estate. The latest battle concerns King's Bible and the Nobel Peace Prize he was awarded in 1964. King's daughter, Bernice King, says she thought about placing those items on loan but never considered selling them. According to her, selling those items would be sacrilegious and would breach her obligations as a trustee and steward of her father's legacy.