Musical icon Aretha Franklin was beloved by many people in Florida, and her recent passing left many feeling incredibly sad for the woman and her family. However, some fans were surprised to learn that Franklin apparently did not engage in any type of estate planning. According to her family, she did not leave behind any trusts, wills or other planning documents.
As you age, you may begin to understand the importance of protecting the life you've built. You have many assets you've collected over the years, and you need to know that they're safe against liquidation or sale when you age and need care. You want to protect your savings for your heirs, too.
The birth of a new child is a joyous occasion, but it can also be a frightening one. Will your child be taken care of if something happens to both you and your significant other? Who will care for the child, and what funds will go towards his or her upbringing? Updating or establishing an estate plan during this pivotal new time of life is an absolute must for all Florida parents.
A comprehensive estate plan is essential. While most people in Florida understand that they need a will and maybe a power of attorney or two, not everyone realizes what a trust can do for them. Some trusts can be either revocable or irrevocable, which provide different benefits depending on what a person needs most.
When a person dies without a will, intestacy law takes over. The person's estate is considered intestate, and a state statute dictates how the person's assets will be distributed and to which heirs. While most people in Florida associate the word heirs with a person's children, it can actually be applied in a much broader fashion. Parents, spouses, cousins and anyone who receives something from an estate after a person's death is an heir.