Florida residents should make sure that the estate plan they have in place is properly prepared. This entails including a will that is properly drafted with all of the information needed to satisfy any questions or concerns family members may have.
It is important to choose the right person to be an executor. Many people tend to select executors based on personal relationships and family hierarchy. However, the role should be fulfilled by someone who is trustworthy and able to fulfill the duties of the role.
Individuals may want to consider using a professional fiduciary or corporate trustee as an executor. For estates that are valued over a certain amounts, trustees from the trust departments in banks may be used. Smaller estates may be better served by professional fiduciaries.
Provisions should be included that directly address what should happen to personal assets. These may include items with emotional or sentimental value that could be the cause of friction among surviving family members.
Inquiries can be made among family members regarding their preferences for owning certain items, and decisions can be made regarding to whom the assets will be given. A list should be created, updated when needed and placed with the will and any other estate planning documents.
Individuals should also make sure the handling of the estate is planned so that surviving spouses can access financial assets in a timely manner. Young beneficiaries should not receive large sums of money that they are not mature enough to handle.
An estate planning attorney may assist clients with drafting wills that properly detail their wishes for their estate. Assistance may also be provided with ensuring that clients' estate plans have other necessary legal devices in place so that their assets will be handled according to their preferences.