Creating an estate plan that creates a lasting legacy or that at least makes things easier for family members should be a priority for Florida residents. Many people understand this and do their best to make sure that they plan appropriately. However, not everyone fully understands how estate planning works, and these individuals can make costly mistakes. This is the situation that the family of the late singer Aretha Franklin is dealing with right now.
Being a single parent often comes with a number of worries. From providing for a child on a single income to dealing with the stresses of parenthood on their own, single parents in Florida already have a lot on their plates. While some might feel as if they could not deal with one more thing at the moment, it is still important to consider how estate planning could benefit both child and parent.
In an ideal world, Florida families would come together to grieve the loss of a loved one and respectfully follow the wishes of an estate plan. Unfortunately, most people do not live in an ideal world. For those living with complicated family situations, estate planning can feel difficult or even impossible. Here are a few ways to address difficult issues through an estate plan.
It is no secret that misinformation and myths can be easily spread on the internet, especially when it comes to somewhat complicated or misunderstood topics. Take estate planning, for example. While some people in Florida might have a vague idea of what it entails, there is still a lot of misinformation out there. One of the biggest misconceptions about estate planning is the idea that only the very wealthy need to have an estate plan.
Planning for end-of-life matters is important, which many people in Florida understand. However, even if a person made the critical step of estate planning and creating a will, there could still be serious gaps in the plan. Updating an estate plan can be just as important as creating one in the first place, but this step is often overlooked.
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.