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.
Creating a comprehensive estate plan is usually done with the best of intentions, and most people in Florida probably hope that their carefully crafted documents will help their surviving family members deal with the aftermath of their death. Regardless of intentions, many wills still end up causing serious tensions. For better estate planning results, consider the following.
Discussing end-of-life matters is not always easy, but those who tackle the topic with their family can realize incredible benefits. Unfortunately, loved ones are not always so receptive to these topics. Florida individuals who want to discuss their estate plan with heirs but are worried about their reaction may want to consider these helpful tips.
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.