For people with assets to protect, planning out a method to transfer those assets after death is vital to prevent unnecessary devaluation and ensuring that the assets are given to the proper heirs. Creating a last will and testament is one method of making sure that the estate owner’s wishes are eventually met. Using wills and other estate planning instruments, owners can effectively preserve properties or businesses, as was seen in the recent transfer of one Florida business.
The company, 1-2 Tweet Birds, has been located in Florida for a few years. The business was established by an owner who had moved to the state for bone marrow treatment. Since the 1990s, the business owner had been friends with a fellow bird lover from Australia. In 2010, the Australian visited the Florida resident, who in turn visited his friend’s home in Australia. Before coming back from that country, though, the Floridian left behind a sealed copy of his will.
In the will, the bird store owner left his business to the Australian, who not only has an extensive knowledge of parrots but also a background in business. The new owner plans to continue the operation of the bird store by offering a variety of services, including lessons in bird grooming and specialty lines of bird supplies for pet owners.
The creation of a will to handle the disbursement of assets after death is a right that all Florida residents can enjoy. This can be done with or without legal assistance, but with the right legal knowledge, the creator of a will can avoid pitfalls that could lead to anything from a contestable will to a large tax obligation for estate heirs.
Source: Tampa Bay Online, “Australian parrot lover inherits Brandon bird store,” Laura Cone, Feb. 26, 2013