ESTATE PLANNING WITH VALUES AND ETHICS IN FLORIDA
Planning for estate administration after you are no longer alive is a prime concern for all Americans. People are concerned about passing their values along with their property and assets. Estate planning is not just about material possessions. It also involves giving opinions on how to bequeath your money and property to your loved ones and relatives.
In drafting estate planning documents, parents in Florida have to be aware of how to pass on the values to their children so that their hard-earned money is used wisely. Putting money in a trust for surviving relatives can prevent it from getting into the wrong hands.
Financial planners and attorneys receive frequent queries from concerned clients regarding estate planning. Some modern parents have abandoned the conservative approach of equal division of property among children, in favor of an approach that emphasizes their personal values.
However, proper and equitable estate planning is necessary to maintain harmony and goodwill among the children after the parent dies. Parents need to discuss and settle matters regarding estate planning among their children during their lifetime. It is important for parents to engage in open communication with their children regarding their future plans and desires. Taking the children and other loved ones into consideration, coupled with advice from legal professionals, leads to sensible passing of the estate to the successors.
Estate planning is a very serious and complex matter involving various laws. Consulting with a legal professional is recommended so that the person makes the right decisions. Every person planning his or her estate must base decisions on advice that will ensure that everyone receives what is rightfully theirs.
There are a number of necessary steps that Florida residents should take when drafting a thorough and effective estate plan. Many of these steps are possible to take individually, but some of them require assistance. All of these steps, though, will help ensure loved ones are taken care of after the estate planner's departure. This includes minimizing estate taxes so that possession of assets can be seamlessly transferred to inheritors.
One of the first steps when estate planning is designating an executor for the will. The executor is given the responsibility of not only distributing the estate, but also paying off any remaining debts that are owed. Choosing the right executor is an important first step for obvious reasons -- the executor plays an important role in fulfilling the estate planner's wishes. After this is decided, the next step is often naming beneficiaries.
Naming beneficiaries is an ongoing process. Sometimes an estate planner's wishes regarding who should get what changes. If, for example, the estate planner remarries, has a falling out with a family member or changes their mind, they may want to update the beneficiaries as a result. Many people forget to continually update their beneficiaries, though, which can have unwanted consequences for the loved ones left behind. It is best to keep the list updated as much as possible, and in as specific of language possible.
Lastly, there is the organization of it all. A thorough record of assets will help the executor immensely when it comes time for asset distribution and the paying off of debts. This record keeping can be done digitally or on paper, and should contain every last asset, including insurance policies, bank account records, pensions and much, much more. Some of this can be done individually, but DIY estate planning is often considered troublesome. There are attorneys available to assist with every step of this process.
Please reach out to us at 141 5th Street NW, Suite 300, Winter Haven, Florida 33881 at 863.294.1114.
Established in 1991, Rignanese & Associates is available to work with clients on their legal needs.
On behalf of J. Kelly Kennedy, Attorney/CPA, PLLC, which has been acquired by Rignanese & Associates, PLLC.
Source: Los Angeles Times, "'Spiritual' estate planning ensures values are passed with money," Donna Gehrke-White, Nov.23, 2012