Writing a will often involves focusing on high-value assets, or at least property worth something financially. Of course protecting valuable assets is important, but what about items with little monetary worth but significant sentimental value? Ignoring these types of items during estate planning could be setting up future heirs for a fight.
Cats and dogs are no longer viewed as just pets that hang around the house. Increasingly, pet owners are treating their beloved animals as members of the family. Even a quick scroll through popular social media platforms will yield dozens of photos of pets with cute titles marking their statuses, such as "fur baby" and more. But what happens if an owner outlives their pet? Estate planning can answer that question.
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.
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.
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.
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.
You recently moved to Florida, and it's your goal to make friends and spend a lot of time fishing and golfing. Before you do that, though, take the time to review your estate plan. With your recent move, there may be aspects of the plan that you need to address to keep your estate safe from taxation and probate.