Guardianship is an important part of the estate planning process. It is the act of giving someone the power to protect and care for you or your children, depending on the circumstances.
Many individuals, from the everyday collector to the wealthy investor, may overlook the method for transferring their collections upon their passing. One popular item that people collect is art. Art can appreciate in value, and transferring the art could potentially be problematic or contentious without a proper estate plan. In Florida, some thoughtful art collectors have chosen to allocate this asset in advance with a solid plan.
When it comes to estate planning, individuals have several options and many details to consider. One way to transfer assets to beneficiaries or heirs is through a structure called a trust. A trust has certain benefits for Florida residents who are looking into the process of planning how to pass along their accumulated wealth.
When individuals approach preparations for the distribution of their assets, it is likely that they wish to avoid any situations that could lead to confusion about their final wishes. Whether a person creates a will, or dives deep into trust planning, once the effort is put forth, most people hope to have the distribution carried out according to plan. Florida residents have the ability to inform themselves about common pitfalls when it comes to estate planning, and in that way, they can hope to avoid future problems with the estate.
At the end of life, some individuals find that they need increased support to live their daily life. A person whose health is in decline may find the need for assisted living or long-term care. Some individuals in Florida may be wondering how to pay for their long-term care needs. There are options available, and by planning in advance, the person may be able to ease the financial strain of this type of care.
With a new year comes a fresh start, and one good thing to do is to consider your estate planning needs. Estate planning is necessary, since it dictates what happens to your assets if you pass away. If you don't have an estate plan, your estate will fall under state laws and could end up being divided between individuals whom you did not want to have receive your assets.
Where does one's property go when one dies? This is a question asked by individuals in the estate planning process. The answer depends upon whether the individual died testate or intestate, and whether a representative was specified for probate administration. For many individuals in Florida, these terms could potentially be confusing, but the answer lies in whether one has prepared in advance.