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.
An estate plan is a smart way for any Florida reader to protect his or her assets and ensure that loved ones have the protection they need in the future. While a person may have a will and other estate planning measures in place, that may not be enough. In order to have the full amount of protection, a person would be wise to update his or her estate plan after major life events, such as a divorce.
Preparing an estate plan is the best way to ensure that a person's final wishes are respected and upheld. However, beyond ensuring that heirs receive their correct inheritance, is there anything more that Florida baby boomers can do to make sure that their children and grandchildren are taken care of? Some experts believe that parents might need to give their millennial children a push in the right direction when it comes to estate planning.
Selecting a person to take over financial or medical decisions in the event of an emergency or medical incapacitation is an enormous step during estate planning. However, family members fall out of favor, close friends become distant and decisions that once made sense might no longer be relevant. In such situations, Florida residents may need to revoke their current powers of attorney in order to establish new ones.
Creating an estate plan is an important part of becoming an adult. However, simply drawing up a will and choosing someone to act as a health care proxy does not mean that a person's job is done. Regularly updating documents is an important part of estate planning that many people in Florida tend to overlook. Here are a few situations that indicate a person should consider updating his or her plan.
Florida fans of comic books and superhero movies recently mourned the death of the comic writing icon Stan Lee. Famous for the characters he created, Lee was recently in the headlines for both the movies based on his creations as well as his estate planning issues. Now, those problems with his estate plan may be coming to fruition.
Going through a divorce leaves little mental space or energy for dealing with other matters. However, this does not mean that individuals in Florida can simply ignore everything else. While it can be frustrating to realize that there is even more to deal with, updating an estate plan during or soon after a divorce is essential.