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.
Residents of Florida who are retired or currently contemplating retirement may be interested to read the details of a recently published article. The article outlines the nature of both wills and trusts, while also highlights the benefits and drawbacks between the two.
When a divorce is finalized, the last thing many individuals want to do is deal with more financial and legal issues. However, Florida residents going through a divorce shouldn't close their files as soon as the process is complete. There can be estate planning considerations that could affect their desired beneficiaries.
Many people want to provide for their loved ones after they die. Financial planners suggest devising estate planning strategies that will allow people to control how their assets will be distributed after they pass away, and Florida residents may wish to take notice of some tips.
Florida residents who do not want to rely on the rules of intestacy may decide to complete a comprehensive estate plan. Wills help individuals determine to whom to leave their material possessions. Without them, the decedent's assets will be distributed in accordance with state intestacy laws. Very often spouses receive all or most of the estate under those laws. This result may not be desired in all cases, such as when a person is newly married and has children from a previous relationship that he or she wants to provide for. If there is no spouse, children may inherit, followed by descendants and then other relatives.
According to a senior financial planner at Wilmington Trust, when the Supreme Court ruled the Defense of Marriage Act unconstitutional, it created many benefits for same-sex couples. Because of the Supreme Court ruling, the federal government is required to recognize same-sex marriages for those who reside in states where such marriages are legal and provide the same benefits, which Florida is not one of. This means that same-sex married couples can derive benefits from many estate planning and tax strategies previously available for married couples of the opposite sex.
Many Florida residents may be unaware that some or all their estate is in danger of going to someone to whom they have no intention of giving any of it to. Because federal estate taxes only affect those with an estate larger than $5.25 million, many may feel that their estate is safe and will go to their heirs as they plan. However, not taking the time to designate who the beneficiaries are for retirement plans, life insurance plans, bank accounts and other financial holdings can often lead to terrible consequences for one's heirs.
Orlando residents may be uncomfortable with the idea of planning for their death, but estate planning is essential to making someone's wishes known as well as making the process easier for someone's heirs. Estate planning is not limited to wills and dealing with an individual's passing. It can also ensure that someone has a plan of action for if they are incapacitated and unable to care or make decisions for themselves.