Confronting one's own mortality isn't pleasant, but taking steps now can ensure that one's relatives receive the inheritance one chooses for them. Estate planning can also help a person set guidelines for how they want affairs to be handled in the event that they become ill and incapacitated. Changing technology means that a person may also want to set policies for how digital accounts are handled after death. In Florida, there are a few common items on the estate planning checklist.
No one wants to feel like they inherited a mess. Whether physical or financial, the mess can be daunting to a person who is sorting through it while grieving. An individual who wishes to offer a cleaned-up, easy-to-sort-through estate to their heirs may benefit from the estate planning tip to organize and streamline the process. Florida residents can apply several strategies to avoid leaving a messy estate.
Looking ahead to retirement, many individuals know that they will need a plan for financing their costs of living and the eventual distribution of their assets upon their death. Unfortunately, sometimes the costs of long-term care is overlooked when people assume that their health insurance will cover any of those needs. In Florida, a person has some options and strategies available when it comes to planning for medical needs in the event of decline or incapacitation.
Imagine the frustration that can come with not being able to locate an important legal document when it is needed. Amplify that frustration when the document is found, but is either out of date, incorrect or an unauthorized copy. Estate blunders such as these can provoke feelings of frustration, confusion and anxiety for successors and heirs when the time comes to administer one's estate. In Florida, a trust or a will must be kept up to date to avoid common problems that can confuse or slow down the administration process.
The volume and numbers of data accumulated by the average human being has increased exponentially in just the last decade. The previous ten years or so has brought the iPhone, Facebook, Gmail and a host of other digital and social media accounts. For individuals in Florida who wish to direct how this digital information will be handled during estate administration after their death. experts recommend including the digital accounts in the last will and testament documents.
Where does one's property go when one dies? This is a question asked by individuals in the estate planning process. The answer depends upon whether the individual died testate or intestate, and whether a representative was specified for probate administration. For many individuals in Florida, these terms could potentially be confusing, but the answer lies in whether one has prepared in advance.
Understanding the process of how property will be distributed after death can assist one's decisions about planning. If one chooses a living trust, the successor trustee will receive the titles to property. If a will has been created, it is likely that the executor will handle estate and probate administration. In Florida, people may be wondering more about probate and how it affects the administration of an estate.
In some families, it may be widely accepted that the firstborn child or perhaps the eldest son will handle the estate after the parents pass away. Without much thought, someone may choose an executor based on birth order, but naming an executor is not always that easy. Florida residents who are beginning or revising their estate plans will certainly benefit from making a careful evaluation of those in line for the honor and burden of being their estate executors.
If you want to create a trust, then you may already be familiar with a trust's benefits. It protects your assets and also helps your beneficiaries avoid taxation. All kinds of assets can be in trusts.
In 2013, certain laws about end-of-life assets were permanently altered. The threshold for estate tax was increased, meaning that most individuals will not be responsible for paying such taxes. Other high-asset individuals, including many Florida residents, have options available to them to reduce the amount of taxes paid on their estates at the end of their lives.