When someone dies, that person may leave behind assets for family and friends. If the deceased does not leave behind specific instructions for distributing those assets, he or she has no control over where the assets go. Planning ahead by writing a last will and testament is the best way to ensure assets end up where you intend them to go. Orlando readers may find that the story of a reclusive man provides a good example of the need for estate planning.
Inheritance taxes are a major concern for many who have amassed financial wealth or physical property. Federal and state lawmakers are constantly making changes to tax law, and trust and wills can quickly become a matter of importance when laws change or expire. Our readers in Orlando, Florida, may be interested to hear of the rush on trust and estate lawyers due to Bush-era tax cuts that are currently headed for expiration at the end of this year.
When a large estate has a seemingly unexpected beneficiary, the courts often must decide if the latest will is valid. Those working on estate planning in the Orlando area who fear they may have bequests that others might deem eccentric will be gratified to learn that an appeals court in another state recently upheld the requests of one eccentric millionaire, the late John du Pont.
One strong argument for why we should all undertake solid estate planning is that it ensures that an estate's assets will be distributed in the ways the creator of that estate desires. But there are many nuances that older Florida residents should be aware of to be sure that what they want to have happen, actually does.