There are several ways that property can be passed to heirs as part of an estate plan. One way is by joint ownership, which is common with spouses or elderly parents and a child. Other assets may be passed according to instructions in a will. If there is no will, then Florida state law will be followed in determining what happens to assets.
People in Florida who are creating an estate plan might wonder about the difference between a will and a trust. One of the biggest differences is that a will is not private and generally must go through the probate process. A trust is private, and when a person dies, the property in it goes directly to beneficiaries without having to pass through probate.
Say you bought a life insurance policy 10 years ago. You named one of your children as the beneficiary because the other child was still a minor. You just needed to list someone, and that seemed easiest to you.
Some people in Florida are uncomfortable talking to their family members about their estate plans. People should discuss their estate plans with their family members so that they will know what to do when the time comes.
Although last wills and testaments are spoken about in a general way when they're discussed in the media, the requirements that a testator must adhere to when drafting this legal document vary by state. Florida is no different in this respect.
One common theme in many films, particularly murder mysteries, is a challenged will. While drama over inheritance can make for an intriguing story, the reality in Florida and across the country is more subdued.
The process of estate planning can seem overwhelming. It can be hard for a person to confront their own mortality and make tough decisions regarding how their family members and assets will be cared for once they are no longer around. However, Florida residents know that it needs to be done.
When people in Florida think about the future, they may want to prepare by making a will. It is important to remember that a will can always be revoked or amended on an ongoing basis so long as the person who made out the will is competent to do so and not being subjected to undue influence. Anyone who is a competent adult can make a will, and there are several ways to amend or revoke them. One of the easiest ways for people to revoke an existing will is to make a new one. This automatically revokes all previous wills in existence.
Many people may neglect to create a will or another estate plan. One famous example is the former Supreme Court justice Warren Burger, who left only a short, error-filled will, which ended up costing his family over $450,000 in taxes and an additional amount in legal fees. Some people in Florida might also need to prepare a will.
When a will is read, the hope is that the estate matches what is listed in the will and that the executor can therefore carry everything out as specified in that will. The unfortunate reality, though, is that this does not always happen. In some cases, the will gives out more assets than the estate actually has.