Say you want to do what most estate planners in Florida want to do: leave your assets to your chosen heirs and beneficiaries with as little tax liability and probate friction as possible. Unfortunately, what happens in many cases is that unforeseen incidents in beneficiaries' lives result in the quick draining of inheritances.
For people with assets to protect, planning out a method to transfer those assets after death is vital to prevent unnecessary devaluation and ensuring that the assets are given to the proper heirs. Creating a last will and testament is one method of making sure that the estate owner's wishes are eventually met. Using wills and other estate planning instruments, owners can effectively preserve properties or businesses, as was seen in the recent transfer of one Florida business.
An inheritance can include a wide range of items, including money and real property. People typically use a will or trust to ensure that their assets are properly distributed after they die, and there are laws regulating the distribution of an inheritance. Readers in Orlando will be interested to learn about a case in which a father has been accused of improperly spending his daughter's inheritance.
The smooth transfer of assets is the goal of any estate plan, whether the assets are to go to the estate holder's children or to a collection of preferred charities. For Orlando residents, no matter the size of the estate, some planning is needed to ensure that the desires of the asset holders are met. The larger the desired asset transition, the more planning must go into making sure that the transfer proceeds as planned. If done well, even billions of dollars in assets can be inherited without spending years in court or seeing the value of the assets drop significantly.
Estate planning is a helpful legal method for specifying how personal assets will be distributed in the event of death. The actual execution of a last will and testament, however, can be hindered by complicated family dynamics or disagreements with the prearranged terms. When the benefactor's death is related to the injurious actions of a potential beneficiary, further legal evaluation may be necessary to determine who is eligible to inherit the estate.
Modern families often involve complex relationships, and sometimes this complexity can make decisions difficult during the estate planning process. Individuals creating wills may need to consider stepchildren, divorces, adoptions and other nontraditional family structures. With these issues in mind, our Orlando readers might be interested to hear that benefactors are beginning to use personal values to divide property in their wills.
Individuals who wish to distribute their estates among their heirs may accomplish this with a variety of legal instruments such as wills and trusts. Estate planning should cover as many contingencies as possible to ensure that the beneficiaries receive their shares of the estate. Readers in Florida may have heard about the following case involving a dispute over a large estate.
When someone dies, that person may leave behind assets for family and friends. If the deceased does not leave behind specific instructions for distributing those assets, he or she has no control over where the assets go. Planning ahead by writing a last will and testament is the best way to ensure assets end up where you intend them to go. Orlando readers may find that the story of a reclusive man provides a good example of the need for estate planning.
When a large estate has a seemingly unexpected beneficiary, the courts often must decide if the latest will is valid. Those working on estate planning in the Orlando area who fear they may have bequests that others might deem eccentric will be gratified to learn that an appeals court in another state recently upheld the requests of one eccentric millionaire, the late John du Pont.
One strong argument for why we should all undertake solid estate planning is that it ensures that an estate's assets will be distributed in the ways the creator of that estate desires. But there are many nuances that older Florida residents should be aware of to be sure that what they want to have happen, actually does.