The American Association of Retired Persons recommended in 1991 that families make use of trusts in place of wills for certain benefits. The benefits of trusts when it comes to Florida estate administration include disability planning, avoidance of probate, asset protection and inheritance earmarking. There are several different types of trusts, and they can be drafted to fit the specific circumstances of the client.
A will is a way for a person to leave behind their most valuable assets to their heirs. Everyone would like to assume that their relatives will do the right thing after they pass away. Unfortunately, many cases in Florida probate courts involve disagreements about the decedent's will. Careful will drafting can help prevent a family feud later on.
Estate planning in Florida has changed significantly and is likely to continue to change thanks to digital assets. Everything from cryptocurrency and online cash accounts to passwords and online contact lists should be included in many estate plans. As always the most important thing is a communication to the executor of what the assets are and to whom they will pass.
A TD Wealth poll found that 44 percent of respondents said that family conflicts were the biggest obstacle when it comes to estate planning. This is because there are more blended families in Florida and throughout the country. It is also not uncommon for one spouse to be much older than the other is, which can create problems when trying to create an estate plan.
Receiving a monetary inheritance from a loved one who has passed away can be a tremendous help in wiping out old debt or creating a nest egg. However, there are estate administration and probate rules in Florida that govern how the money is to be transferred and what can be taxable after the inheritance. Making the wrong financial decisions regarding an inheritance could quickly cause undue stress and unnecessary costs.