Hurricanes can be devastating and so can old age, if plans haven't been put in place for care. Estate planning in Florida should encompass the possibility that residents may need special attention in their advanced years. Many Floridians don't take the time to plan for the unforeseen. People don't like to think about negatives and so they don't plan for them, which is a grave mistake.
When someone writing an estate plan has more than one beneficiary, it can prove to be a challenge on how to divide assets equally among them. For Florida residents who are thinking about estate planning, they should know there is a way to think about who should get what, especially when it comes to children. There are times when the word equal doesn't quite fit the family's personal situation.
What are referred to as 'I love you' wills are pretty outdated for the 21st century, yet many couples still have them. Florida residents who want their estate planning to be all-encompassing and up to date might want to look into bringing their wills into the modern age. Some couples may become complacent and believe once they have wills, there is no need to do update them.
People don't like to think of a future in which they're incapacitated and unable to make decisions for themselves. But life has a way of throwing some powerful curve balls and it might be best for Florida residents to think about putting a health care directive in place should the unforeseen happen. Such a directive can take the stress and potential guilt off loved ones.
There are certain rules that go along with estate planning. One of those has to do with creating a power of attorney in Florida. In order for the document to have any legitimate weight, the principal -- or the one making the power of attorney -- has to sign the document in front of two witnesses and a notary public, which could be one of the witnesses as well. If a Floridian creates a legal power of attorney outside the state, it does have bearing in Florida.
Estate planning documents are in place for a reason. One of those -- a power of attorney (POA) -- legally authorizes a person to be able to handle affairs and to make health care decisions on behalf of the maker in case the person should be unable to do so for him or herself. The last thing Florida residents would want is for their POA to be rendered powerless.
Some people understand the importance of estate planning early in life. Perhaps they are compelled to visit an estate planning attorney following the birth of their first child, or they have had experience with a loved one who died leaving an estate in disarray. Unfortunately, most people in Florida or elsewhere do not take those early steps to establish an estate plan while they are still young. This can lead to negative consequences for those left behind.
Thinking about the future and preparing for the often frightening possibilities ahead takes courage. It means facing one's own mortality and contemplating issues beyond how to distribute one's belongings. When Florida residents make time and effort to create an estate plan, it is usually after careful consideration. Unfortunately, because creating the plan was so stressful, some make the critical error of neglecting to revisit it periodically to ensure it is still effective.
Pets are often beloved members of the family, participating in family vacations, posing in holiday portraits and taking their places in the hearts of every member of the household. As owners grow older, however, they may begin to wonder how to ensure the well-being of their animals after the owner's death. In Florida, as in most states, pets cannot inherit money from a deceased owner's estate. This is why many people provide for their pets using their estate plan.
Many in Florida and around the world are discovering the convenience and flexibility of cryptocurrency. Bitcoin and other virtual wallets allow people to control their financial transactions without going through a bank. However, since no bank manages the accounts, those who invest in cryptocurrency must keep track of their own holdings. Additionally, because cryptocurrency accounts can be managed anonymously, they may be lost if they are not included in one's estate plan.