While most people think about wills or trusts when planning their estates, it is important for them to also plan for the possibility that they may suffer an illness or injury that will leave them unable to make decisions while they are still living. There are several different ways people can plan for incapacity so that someone else can take care of certain matters on their behalf.
Some Floridians might wrongly believe that wills and estate plans are only required for people who are rich. However, all people, regardless of their income level, may benefit by having a will in place. Without a will, the person's estate will have to go through the probate process in order for their assets to pass, and their assets may pass in a manner that the person would not have wanted.
Experts caution that Florida baby boomers must not neglect estate planning as part of their retirement planning. However, people of this age group are not the only ones who tend to avoid these matters. While planning for what happens to one's assets after one's death may not be a pleasant topic, doing so is important for loved ones.
Florida residents may be interested to learn that on March 30, a probate judge ordered attorneys to take eight weeks to sort out issues related to money and property awarded to his widow and three adult children. Attorneys for Williams' third wife say that the negotiations are amicable and that what she is asking for is a fraction of the overall estate.
As many Florida residents may know, setting up an estate plan may be way for an individual to direct asset allocation after they die. With changes in estate tax limits, individuals are able to create an estate plan that is broader, incorporates beneficiaries who are not family members and charities that are important during the grantor's life.