For people in Florida who want to make sure their loved ones are provided for after their death, estate planning can be an important topic of open conversation. Many people feel like they have no idea what happened with the assets of their loved ones after they passed away. This can be particularly important for people on second or later marriages, with both spouses bringing children of their own to the relationship. In many cases, the kids involved are adults, but people often intend to provide something for their grown children as well.
People who want to ensure their children receive their inheritance should communicate openly with their spouse and their kids about the fact that they have a will or trust and where the documents can be located. Without clear communication, people may have no idea where to find these important documents and begin the process of putting a loved one’s final wishes into practice. Because wills can be changed by the creator at any time, some people may leave behind multiple documents that lead to a will contest in court.
Other types of property often transfer outside of a will, such as jointly held real estate, bank accounts or life insurance and retirement funds, which typically go to a named beneficiary. People who want to ensure their children are protected may want to think about how their beneficiaries are named with these companies or carve out a specific percentage to go to their grown children.
A lack of knowledge about estate planning can even lead to serious conflict after a death, especially if a relative believes that another family member is trying to hoard or steal the assets of the deceased. An estate planning attorney may help people to execute key documents and develop a plan to help protect their loved ones in the future.
