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wills & trusts Archives

Adoptive children in Florida and estate planning

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. 

Including Fido and Fluffy when estate planning

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.

Shying away from estate planning creates loved ones more grief

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.

Being aware of estate planning scams

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.

Who is considered next of kin when it comes to an estate plan?

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.

Some celebrities have made costly estate planning mistakes

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.

Will substitutes can be assets in Florida estate planning

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.

Estate planning: How Hurricane Florence and old age are similar

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.

Florida estate planning may involve splitting heirs

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.

Estate planning: Are 'I love you' wills still used in Florida?

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.

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