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.
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.
Florida residents may be wondering whether their spouse is able to steal their Social Security payments. When a person is no longer capable of handling his or her own finances, a representative payee can manage the money, but they must use the funds for the benefit of the recipient. Any other uses may be considered fraud.
Florida residents may be interested in an article detailing some of the biggest mistakes that people make when planning their end-of-life personal and financial affairs. Failing to have a plan at all is one error, but there are others that may be less apparent.
Florida residents may be interested in how relocation to a new state will affect one's estate planning documents. Generally, states recognize any documents that are valid in the state in which they were signed. However, there can be some complexities that are unique to individual states. Experts recommend that individuals have their wills and trusts reviewed by an experienced attorney in their new state to see if their documents cover the state's laws and regulations.
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 might like to know that, according to information from RocketLawyer.com, half of people with children and 41 percent of individuals between the ages of 55 and 64 do not have a will. Without a will, it will be up to the state to determine how someone's assets are handled upon their death, as well as who will take care of minor children. Money is usually distributed based on a certain order, which often starts with someone's spouse, then their children and then family. However, a will is not the only estate planning document people need.
Orlando residents may be interested in a New York judge's November ruling that barred a woman who was acquitted of murdering her three children from sharing in their $350,000 estate. This estate planning case set precedent, addressing the state's Son of Sam legislation, which prohibits criminals from profiting off of their crimes. The judge decreed that a successful insanity defense is irrelevant when establishing if the defendant will inherit the victims' assets.