When people in Florida think about how to plan for the future, some may consider the use of unrecorded deeds in order to transfer property. For example, parents may give their child the deed to their home and agree to not have it recorded until the parents pass away. There is no time limit that prevents a deed being recorded, even years after it was issued. However, while this technique was used in the past as a way to transfer property and make an estate plan, there are modern options that can help people plan their estates without the uncertainties introduced by unrecorded deeds.
Handling estate planning issues may be the least concern of grieving widows or widowers. However, there are certain steps they have to take as soon as possible. Surviving spouses should review and update existing legal documents to ensure that they will be protected during their lifetime and to address what will occur after they die.
Estate disputes can create a tense, divisive probate process after the death of a loved one in Florida. Making common estate planning mistakes can lead to difficulty or even failure to execute a person’s wishes. It’s important to devote the time and effort toward maintaining a comprehensive, up to date estate plan to help lessen the likelihood of disputes down the line.
When creating an estate plan, Florida residents should think about how much an asset is worth after accounting for taxes. Doing so may result in the government getting less and loved ones getting more of an estate's money. It can also help determine how assets are allocated or how they are distributed after a person passes. Let's say that a parent wanted to leave money for charity.
If an individual in Florida does not have a will, decisions about how assets are distributed will be made by the court. In some instances, the results are pretty much in line with what a recently departed loved one may have wanted. But this isn't always the case. Heirs sometimes end up in long, drawn-out legal battles that can take an emotional and financial toll on everyone involved. For small business owners, not having a will can be especially problematic.