Florida fans of the musician Prince may be aware that he died without a will and that this had led to issues in settling his estate. Aretha Franklin also died without creating an estate plan despite the fact that she has four children and one of them has special needs.
Being your own boss is a dream for many Americans. However, running a small business is more than just the stuff of dreams. It is also a lot of hard work. For many small business owners, their business becomes a part of who they are, and it is part they are not eager to give up.
Some people may have created an estate plan, but they might not have accounted for their digital assets. Most states, including Florida, allow an executor to manage digital assets just as they would conventional assets, but it is still necessary for a person to put the legal and technical elements in place that will allow the assets to be located and distributed.
When most people in Florida think about estate planning, they tend to focus on long-term issues and avoiding probate court. One example of this focus is trusts that direct trustees to make distributions based on milestones, such as children graduating from college. While this type of traditional estate planning is important, it does not address potential issues that may unexpectedly arise.
Some Florida residents who are creating an estate plan may make mistakes in terms of who they appoint to fulfill various roles. A plan may have an executor, agents to deal with financial and health care issues, and a trustee if there is a trust. There might also be various people chosen to manage Social Security benefits, long-term care insurance and the funeral.
Small business owners in Florida should have a business succession plan to ensure that their business is well taken care of when they decide to retire. For those who are nearing retirement, there are some steps they can take to develop a successful plan.