Estate planning probably seems easy enough. What could be hard about writing down one's assets and who should have them? In reality, creating an estate plan is about much more than passing on property and inheritances. Here is a common mistake people in Florida often make when estate planning.
Creating an estate plan is important, but so is keeping it safe. A person should understand the best way to keep his or her documents safe until they are needed. However, the manner in which they are stored should not be so safe that loved ones cannot access them in the future. Here are a few suggestions for protecting estate planning documents.
Bitcoin and other types of cryptocurrency are often the first things that come to mind when people think about digital assets. Because investing in cryptocurrency is still not a mainstream activity, many people in Florida might think that they do not have any digital assets to protect. These individuals might not bring up digital assets at all when estate planning, or may address these assets in a manner not consistent with the law. Either of these actions can have unintended consequences.
Living with a chronic illness presents many challenges, including securing necessary medical care. While the daily lives of those living with chronic conditions often reflect those challenges, those issues are frequently left out of estate planning. With the number of people in Florida who are living with chronic illnesses growing, planning for the future is perhaps more important than ever.
No one really enjoys thinking about end-of-life matters, but ignoring an uncomfortable situation does not mean that it will go away. Ignoring estate planning needs is also different than ignoring an overdue library book, as the outcome can be much more costly and emotionally traumatizing than a few fines. Not only should the average person in Florida create an estate plan and keep it up to date, he or she could also consider taking steps to keep the estate out of probate when possible.
Creating an estate plan may seem fairly straightforward. After a person completes a last will and testament, he or she might feel as if all estate planning needs have been fulfilled. Not only is this approach somewhat misguided -- updating plans is very important -- but it also may leave out some very important assets.
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.