Everyone waits for the arrival of summer when kids are out of school and vacation planning is in high gear. But before Florida residents decide to book a cruise, jet off to somewhere exotic or pack the car for a road trip, it's important that they have their estate planning documents updated and in order, even though it's the last thing on most vacationers' minds. There are some estate document must-haves before heading out on vacation, and the first is a will.
All children need love, care and attention. But when it comes to estate planning, children in Florida with special needs require extra special care since what they might need in the future might not be absolutely clear. Much hinges on their prognosis and potential capabilities as they get older. Writing a plan with that in mind may seem overwhelming, but is essential.
Revocable trusts can be a significant positive when it comes to estate plans. Florida residents thinking about estate planning may want to consider how these trusts can be of benefit to them and to their heirs. A will is normally a necessary estate planning document, but for those who have many and varied assets and whose estates are more complicated, these trusts may be the answer. Such trusts, often called inter vivos trusts, can be changed during the testator's lifetime as life circumstances change.
Most people believe they have to have many assets to leave their loved ones a legacy. That's not so, so it is important that Florida residents engage in estate planning no matter what they have in their coffers. In fact, a legacy isn't necessarily all about money anyway. It can even mean taking the time to prepare the documents to make it easier on love ones should something unforeseen happen -- like an advance care directive.
It can be difficult to think about the future and make plans for things such as the distribution of personal wealth and what types of medical care a person may want in case of an illness or injury. Many people believe they do not need to worry about having an estate plan at the moment because they are young and healthy. Others may believe it is not necessary because they do not have a significant amount of wealth.
All people make questionable decisions every once in a while. When it comes to estate planning in Florida though, the law has very definitive rules regarding capacity when writing wills, appointing guardians for children, entering into contracts and giving informed consent for medical treatment. Although medical testimony is important when making a determination regarding a person's competency in these cases, the final decision is a legal one.
Most individuals who adopt children love and care for them as though they were their biological children. So, when Florida residents who have adopted kids prepare to do some estate planning, they likely would want to ensure their adopted kids are treated fairly by leaving them something after they've died. That's why it is so imperative that these parents have wills.
Most people who have pets consider them members of the family. So, where does Fluffy or Fido stand when it comes to Florida residents who are in the midst of estate planning and thinking about their furry family members? Can people set up a trust for their pets to ensure they'll be looked after once they've died? The short answer is, yes, and every state but one has provisions for doing so.
Americans shy away from talking about one of life's inevitable events. Death is a surety in life, but no one likes to discuss it and so many Florida residents put off estate planning for as long as possible, while some never take the time to plan at all. That is a mistake since family members are then left to sort through what might be a messy estate situation.
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.