If you have taken the time to create an estate plan, it's likely because you have a legacy in mind. Whether you hope to donate some of your assets to charity or ensure that your children and grandchildren are cared for after you die, that legacy is often your final act. It will be part of how people remember you.
Amassing a certain amount of wealth is one thing -- making it last through subsequent generations is another. Florida residents often create carefully crafted estate plans with the hopes that wealth will not only benefit their children, but also their grandchildren and beyond. The reality is that many grandchildren never see much of that wealth, and some experts believe a breakdown in communication prevents that second-generation from handling things properly.
Life without the internet can be hard to imagine. Most people in Florida have at least one or more social media accounts, email accounts and more. Important documents or family photos that were once stored in a physical location are now saved to the cloud. Although in many ways the internet has made life far easier, things can get complicated when individuals fail to include their digital assets in their estate plan.
Having a will is a great first step to creating a comprehensive estate plan. However, these important documents may not be as effective as intended if Florida individuals do not regularly review and update their contents. More than just going down the list of property already covered by the will, this also includes considering adding new assets and estate planning tools, such as trusts.
Many of the discussions that revolve around estate planning involve preserving wealth or protecting complex assets from probate. These topics are important, but they may also make some feel as if this process does not apply to them. This is untrue as virtually everyone in Florida can benefit from creating an estate plan.