Many estate owners in Florida choose to leave property to their loved ones through a will or a trust. While these are effective ways to pass on assets, there are several common estate planning mistakes that individuals should avoid.
Superhero co-creator Stan Lee has many fans in Florida. The 95-year-old Lee, who was the creator behind Spider-Man and the former chairman of Marvel Comics, passed away in November 2018. However, like a number of celebrities who left behind significant estates, his financial planning left much to be desired. If he does not have a will, there could be many challenges in probate court. Other celebrity estates, including those of Prince and Aretha Franklin, face ongoing disputes between heirs.
Making an estate plan can be a confusing process and it can be hard to know what you should include and what you should not. This post aims to give three basic documents that everyone should have in their estate plan, no matter what their age or financial status.
In the course of preparing their estate plans, some Florida residents may wonder how to deal with assets that may be more difficult to properly evaluate or divide between multiple beneficiaries. While assets like bank accounts or investment funds are easy to divide, some items may have emotional resonance as well as financial value. By thinking ahead about how to deal with specific assets, people can help to avoid family strife before it takes place and protect the assets that they want to pass on to their family.
Many people in Florida are thinking about how they can best pass on their assets to future generations. Trusts are an excellent method to transfer wealth to children or other loved ones; they can be created to fill unique needs, and they allow assets to be transferred privately without going through the probate system. In addition, people begin to realize the tax advantages provided by trusts right away. However, many people worry about the potential consequences of informing their children from a very young age that a significant amount of money is being held in a trust fund. They may worry that children might not strive for success in school or a career.
Some people in Florida who can afford to do so wish to set aside part of their estate to provide education-related funds for children or grandchildren. There is no one "right way" to achieve this goal. However, there are several options available for individuals looking to give future generations a chance to pursue and achieve their preferred higher learning goals. Possibilities include setting up a trust all designated beneficiaries can dip into and establishing separate trusts for each child or grandchild that's a beneficiary.