When a family member dies, the administrative process of settling the deceased's estate is called probate. If a person has a detailed will, the process is usually not complicated - any creditors and tax responsibilities the deceased had are paid and any items that the deceased wanted gifted are given to the designated heirs. However, sometimes the probate process reveals things that no one knew about the deceased, and sometimes these things can severely impact the surviving family members. It's a fact that Florida residents need to be aware of.
Estate planning uses legal instruments such as wills and trusts to distribute assets among a testator's heirs. Spiritual estate planning uses a testator's financial values to determine the assets that each decedent receives from a will or trust.
Preparing an estate plan can be complicated when a family or closely held business is involved. Any disruption in passing along control of business assets and decisions to heirs could have a significant effect on the business itself. Business succession planning is thus a big part of robust estate planning, ensuring that the business continues to operate smoothly through desired change.
Estate planning is important regardless of whether your assets total $10,000 or $100 million. Either way, it's critical to have good legal advice and to understand the laws that can affect your assets. While having $100 million in assets is rare, that's the figure at the center of a debate over the estate of food entrepreneur Jeno Paulucci.