Individuals in Florida who are estate planning should keep in mind that how they prepare their loved ones is as important as how they prepare the documents related to their estate. Family members may be unwilling to discuss estate plans, bad at organization or uninformed about finances. All of these qualities may contribute to difficulty in carrying out an individual's wishes, even when the will and other documents are correctly prepared.
Individuals in Florida who are estate planning might wonder how they should divide up their assets among their children. For example, if their children have different income levels and needs, they might wonder whether they should leave less for the more secure child and more for the child who may need it more.
While people may have heard of a revocable living trust, they may not be exactly certain of what the term means or how such a trust functions. Trusts may generally be divided into two broad categories, including revocable living trusts and irrevocable trusts.
Based on the results of a nationwide survey, many Florida business owners may not have estate plans. The survey, which asked questions of more than 500 business owners, revealed that only about 70 percent have an estate plan in place. Of those who do not, around 30 percent said they did not think it was necessary and around half said they avoided it because they found the topic unpleasant. Many of the business owners had outdated estate plans. Only 12 percent were less than two years old while more than half were more than five years old.