Discussing Will And Estate Planning With Loved Ones Is Important
October 9, 2012
It is no secret that warmer southern states, including or especially Florida have a high number of retirees. But people of any age are often reluctant to talk about estate planning with their loved ones. It is generally an emotional subject which can also be scary as well. No one wants to consider their own mortality, however it is necessary to discuss one’s will planning with family and heirs because how one drafts his or her will has legal ramifications. This could affect many loved ones and take them off guard by suddenly having to deal with the responsibility of being an executor and the distribution of assets that may not have been what survivors expected.
Discussing one’s will and estate plan can be one of the most critical parts of managing an estate before one dies. One’s estate plan can become ineffective if beneficiaries and survivors do not know how to go about administering your estate. It may also be important to discuss how to deal with funeral expenses or other related costs, such as applicable estate taxes. And it may also help to ready survivors for the large amount of paperwork required when dealing with a deceased one’s estate.
Perhaps the most important person to discuss one’s will with is the executor. This is the individual which the will maker has named to implement the terms of the will. Usually the executor is a family member, as well as a beneficiary. However, this is not necessarily true; one can name his or her lawyer, a bank’s trust office or even a friend as the executor. After the will and trust are drafted, one may want to walk the executor through the process to make sure he or she understands everything.
Along with informing loved ones, beneficiaries and the executor about one’s will planning details, it is also necessary to ensure that the estate planning instruments have been drafted carefully. These documents have significant legal consequences and a mistake can cause a lot of problems for family members after one’s death. It may even be necessary to consult with a legal professional who understands applicable probate law in Florida to ensure that all of the documents are valid.