Tagged: beneficiaries

…Creating an estate plan is an important thing to do for just about any person. This includes people of all income levels and age brackets in Florida or in any other state. However, approximately 51 percent of Americans between the ages of 55 and 64 have not completed the first step in estate planning, which is drafting a will.

…Human survival instincts make it natural for people to avoid death. However, many people in Florida will avoid even talking about the subject altogether. This can become a problem if it causes people to neglect creating an estate plan. A recent study has revealed that only 35 to 45 percent of people have not done any will planning, which can cause problems for their families in the future.

…Many individuals likely remember the Fast & Furious movie series and their high-speed chase scenes. This is why many people in Florida were shocked when they heard about how the star of the movie series, Paul Walker, died. The movie star apparently died in a car crash where his vehicle was traveling more than 100 mph.

…There is nothing better than having peace of mind. In a tumultuous world full of unexpected surprises, it is no wonder that people in Florida are constantly searching for a sense of security and certainty. A fatal incident can occur at anytime and can come unexpectedly. Fortunately, estate planning can help people gain a sense of certainty by ensuring their assets will be given to their intended heirs after their death.

…Those who have actually created an estate plan are moving in the right direction as far as protecting their assets for their heirs. However, just because a person has a plan in place does not mean that he or she no longer has to worry about estate planning. Since the circumstances of people’s lives are constantly changing, it is important that Florida residents update their estate plans accordingly.

…Planning an estate requires various legal documents which helps instruct an estate’s executor in properly allocating assets to intended heirs after a person passes away. Each legal document fulfills particular estate planning purposes in Florida or in any other state. Wills are legal documents which are particularly important for just about all estate plans.

…Nobody can predict the future; however, that does not mean that individuals shouldn’t prepare for the future. Unfortunately, many families in Florida and other states are not making the necessary preparations for estate administration in the case of an unexpected death. Approximately 56 percent of families do not have estate plans in place, which leaves the assets of their estates unprotected.

…Nobody can escape the inevitable. Although death is usually not a comfortable subject, it is important for any adult, despite income or age, to make preparations for one’s own death or incapacitation. The best way to do this is through a good estate plan which ensures one’s assets will be distributed to one’s intended heirs.

…Estate plans help make sure one is prepared in the case of one’s death. Although this is an uncomfortable topic, it is an important one to address. There are a variety of goals which people have in mind when making an estate plan in Florida or in any other state. Most people usually focus on avoiding tax liability when doing their estate planning.

…A trust is a contract that specifies the terms in which a party is to control property or assets for the benefit of others, known as beneficiaries. The party or person in charge of the trust is known as the trustee. There are a variety of reasons and benefits to create trusts in Florida and elsewhere.