While experts might recommend that people create or update their will and other documents when major life changes occur, such as births, marriage and divorce, it is also a good idea to review estate plans when people move. The reason that estate planning documents should be updated when someone moves to another state is that most legal documents refer to specific state laws or are created with them in mind. One state may have a law that runs counter to what is law in another state, which can create problems when a will or other document is executed.
Does credit card debt get handed down when a person dies? The good news is that debt is generally not inherited the same way that a person's assets are when he or she passes away. This means that the son or daughter of someone who has just passed on should not worry about being liable for paying any outstanding credit card debt left behind by their parent.
Whatever stage of life they are at, Florida residents should make sure that their estates are in order. This ensures that their wishes are carried out after death. It also makes one aspect of losing a loved one less stressful for the family.
One common reason why Florida residents may fail to update their estate plan is because their estate planning lawyer fails to bring it to their attention. While having estate planning completed may relieve individuals and make them feel that an important consideration has been taken care of, an estate plan is not to be completed and then forgotten.
Individuals in Florida who are working on trusts as part of their estate plans need to carefully consider the choice of trustee. This is an important decision because no matter how carefully a trust is designed, if the trustee or trustees do not administer it properly, the goals of the individual who formed the trust may not be achieved.