Some Florida individuals may not realize the importance of estate planning. This may be especially true for younger individuals. While more than 40 percent of the so-called "baby boomer" generation do not have a will, over 70 percent of people under the age of 35 lack one. The danger of not having a will is that the a person's property will be determined in accordance with state laws of intestacy, which may not be in accord with what the decedent's wishes would have been.
Florida individuals who are planning for the disposition of their assets upon their death need to make sure that they take care of the small details so that their plan is executed in the way they intend. Otherwise, these details can result in a very different outcome for an inheritance than the person intended.
While the issue of an estate plan may seem like a decision for a later time in one's life, Florida residents of all ages may benefit from considering the importance of having a will or living trust in place. One of the primary interests in forming a living trust is the ability to limit or eliminate the potential for a probate process. During probate, a will becomes a matter of public information, an issue that could allow sensitive information about one's last wishes to be aired in public. With a living trust, however, these matters can be handled privately.
Individuals who think about estate planning often consider issues like who would take care of their children and where their assets will go. However, one part of estate planning that many do not consider is how to manage digital assets and property. This may appear to be a small issue to consider, but failure to do so has led to some newsworthy legal battles.