Money makes some people do some off-color things and that includes trying to scam people out of it. Florida residents need to be aware that there are shady estate planning advisors among the majority of upstanding ones and people need to know what to watch for when dealing with these planners. The elderly are especially vulnerable.
Intestacy brings with it a whole slew of problems. People who believe they are entitled to a piece of the pie in terms of a deceased person's assets need to meet next of kin requirements outlined under Florida law. This is one of the reasons that having an estate plan is so important and the reason that dying without a will causes so much chaos in most families.
The estates of some of the rich and famous can go far in teaching a lesson in how not to plan for one's death. When it comes to estate planning, Florida residents can learn a lot when looking at the estates of celebrities like Michael Jackson, Prince, Whitney Houston and Aretha Franklin. None of them had all-encompassing estate plans and left their heirs losing out on millions of dollars because of it.
Having a well-rounded estate plan can mean the difference between angst and peace of mind for loved ones and other beneficiaries. A will is an important component of estate planning in Florida; however, there are some substitutes that can be used when it comes to property. This type of property can be transferred without being probated.
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What are referred to as 'I love you' wills are pretty outdated for the 21st century, yet many couples still have them.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.