There will come a time in your life when you should have a difficult discussion with your adult children. That discussion is about what they will do and what they will inherit when you die. No one wants to think about or talk about death, but it is an important discussion you need to have. Your adult children should know about your wishes, your will and how the estate will be divided.
Florida residents have likely heard of filmmaker John Singleton. He passed away in April 2019, and at the time of his death, he only had a will that was last updated in 1993. He had at least five children when he passed, and there is speculation that he may have had two more daughters. Regardless, his lack of estate planning may make it difficult for his family to settle his estate in a timely or affordable manner.
When it comes to estate planning, it is common for people to think that all children in the family should be treated equally. Florida parents who would like to favor one child over another know what a stressful decision this can be.
There's a curious sort of mindset that people seem to have when thinking about estate planning and drafting a will. On one hand, if asked, they would admit that they need a plan. They know they have assets. They know they have heirs. They know that one day they will pass away and they'll need a plan in place to bring the two together.
When people in Florida plan for the future, they may have some additional complications to keep in mind if they have blended families. Many people think they do not need to have a will and can just allow their property to pass on via intestacy. Others may opt for an extremely simple will that passes all of their belongings to their spouse. When spouses share biological children, this may be the best option in many cases. Blended families, however, have some additional considerations, especially regarding the future of those assets when the spouse passes away in the future.
If you are someone aged 55 to 64 in Florida who has made out a will, you have taken an important step to protect your family from financial hardship in the event of your death. According to Forbes magazine, you are also in the minority; 51% of your peers across the United States do not have a will.
You may have already created a detailed estate plan that indicates what you want to happen to your assets and your property after your death, but have you thought about what will happen to your body? A whole-body donation in Florida is a generous final gift that you can give to help promote the advancement of science, the instruction of medical students and the study of disease.
As someone considering how to pass on your assets, it is important to know that certain types of wills are not considered valid in the state of Florida. Today, we will take a look at the steps that you must take in order to ensure that your will is considered valid in the eyes of the law.
Many couples in Florida and other states are opting not to have children. In addition to simply not wanting to be parents, couples have concerns about global instability, their parenting skills and their finances. But just because a couple decides not to have children, this does not mean that they should not think about estate planning.
People often view the preparation of wills or trusts as something that older estate owners in Florida need to do. While this is true, everyone should consider estate planning as soon as they reach adult age. Even if a young person does not have any assets, official documents that name agents to handle financial affairs and address health care decisions might spare relatives from the delay and expense of petitioning a probate court.