Failure To Plan Can Be Costly During Estate Administration
June 5, 2014
Estate planning is important no matter where one is in life. It does not matter if a person is rich or poor, planning for estate administration is essential in Florida or in any other state. Many use their age as an excuse to not bother with planning an estate. However, for one family this turned out to be a mistake after they unexpectedly loss their young adult son.
The son, 23, had decided he was not old enough to require a will or any kind of estate planning. The young man was married but did not have any children. The marriage was not a happy one and the couple only lived together for one month. However, while the couple was separated due to marital problems, the young man ended up losing his life unexpectedly.
The loss of their son was devastating to the young man’s parents. However, the emotional hardship was made even worst due to the young man’s failure to make any estate plan. Since the young man did not have an estate plan, state laws took precedence — which meant that all of his possessions were given to his estranged wife. Also, since his insurance policy did not name a beneficiary, she also automatically received the benefits.
This is just one example of what could happen if one fails to make plans for estate administration in Florida or in any other state. However, the consequences may vary depending on each person’s situation. In some cases, the results can be even worst for failing to create an estate plan. This can be especially true if a person has any dependent children.