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.
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.
While many people associate writing wills in Florida with aging, the reality is that some types of wills can be useful at any age. Although younger people are less likely to overly concern themselves with the possibility of death, accidents and terminal illnesses have little regard for age, and it may someday be necessary for someone else to make decisions on a young person's behalf. Living wills can be beneficial in such circumstances.
Many Florida residents find it difficult to contemplate end of life decisions, but addressing these issues can provide you with peace of mind while protecting your estate and safeguarding your legacy. Failing to have an effective estate plan in place could leave your assets vulnerable and increase your tax exposure, and it may also lead to conflict among your heirs.
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.
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.
Florida individuals who have put off creating an estate plan because they think that this is only a matter for older individuals to tend to may be mistaken in this belief. In fact, estate planning can address more than just what happens upon a person's death.
Estate planning is an important step in everyone's lives as they accrue wealth and get older. Florida residents may be interested in an article that gives tips on making the estate planning process as painless as possible.
Florida has long been a retirement haven full of elderly individuals, a group often in need of financial advising. A study showed that estate planning, including living wills and power of attorney, was one of the most important topics on which seniors and their families recognize that they needed advice. In the study, the National Endowment for Financial Education noted recognition by older people of signs pointing to a decrease in their ability to make effective financial decisions.
Fewer estates of any size are hit hard for taxes these days. Contrary to what some Florida residents may think, however, that doesn't mean that estate planning is no longer necessary; in fact, the opposite is true. Without skillful and careful planning for health care directives, business succession and power of attorney specifications, much of what was worked for over one's lifetime may be lost. Fortunately, by concentrating on a few important areas, one's wealth may be used and distributed in a satisfying and helpful way.