Creating an estate plan might seem straightforward, and in some ways it is. However, estate planning can become a little more involved depending on a person's needs, assets and liabilities. This means that people in Florida cannot adopt a one-size-fits-all approach to the process. Here are a few things that individuals might want to watch out for when embarking on their estate planning journey.
Most people tend to accumulate items of interest or even significant value over their lifetime. Whether someone has a tendency to collect interesting works of art or routinely goes antique shopping, the average person in Florida might be surprised to find out how much they really own. Estate planning can help with more than just passing on assets after death, and can also be used to track and document personal property during a person's lifetime.
Florida residents who are single, do not have any children and are approaching retirement might feel left out of most estate planning topics. Many of these discussions center around how to establish a legacy for adult children or how to make sure a surviving spouse is well cared for. This does not mean that a single person without children can skip out on creating an estate plan.
For those who are not familiar with the process, estate planning can seem like an incredibly overwhelming task that they would rather not deal with. Others put off dealing creating an estate plan because they are uncomfortable confronting the notion of their own mortality. In some cases, Florida residents might insist they do not care how their assets are distributed after their death. While these concerns are understandable, they should not prevent anyone from creating at least a basic plan.
Most Florida pet owners adore their furry, four-legged animals. Many see their beloved pets as more than just an animal, though, and instead treat them like just another member of the family. Despite this, pets are often entirely left out of the estate planning process. Here is how a few notable celebrities included their pets in their estate plan.
Few people in Florida would dispute the importance of end-of-life planning. From drawing up wills to sorting out preferred medical treatments, estate planning is a fairly essential process, particularly for those who are around 50 years old. Unfortunately, the actual percentage of people engaging in estate planning is relatively low.
Transferring property may seem as if it should be easy, but there can be complicating factors. This is the case when it comes to leaving behind firearms for heirs, as doing so incorrectly can actually be a criminal offense. Florida gun owners can use trusts to effectively and legally pass on their firearms after death.
Accumulating wealth can be difficult. Maintaining that wealth is also a fairly troublesome task. Business owners and other high net worth families in Florida often struggle with ensuring the continuation of their wealth from generation to generation, but this does not necessarily have to be the case. With careful estate planning and open lines of communication, families can better ensure generations of ongoing wealth.
It is hard to imagine a life before a person in Florida could update their social media only for it to be read moments later by a person on the other side of the world. Technology has certainly changed the world and the way much of society functions, but are institutions equipped to handle these changes? When it comes to estate planning, some important updates might be in order to ensure that digital assets are thoroughly protected.
Those in Florida who made New Year's' resolutions to get their lives more organized might be overlooking an important step -- creating an estate plan. Estate planning is important for every stage of life and can help individuals better organize their assets, final wishes and more. Here are some important steps to getting better organized with an estate plan.