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.
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.