As many Florida residents know, estate planning can prove to be a big task involving lots of important details. Those who neglect this duty could leave their beneficiaries confused and, in numerous cases, at odds with one another. There are a few important points regarding estate planning that all people should understand.
Before actually writing a will, one should take an inventory of all their possessions. This list will involve everything of worth, from real estate and jewelry to retirement funds, bank accounts, insurance policies, and stocks and bonds. If vehicles are included, it is a good idea to include the accompanying paperwork.
It is also recommended that the testator name a trustworthy person to be the executor of the will. Otherwise, the court will assign this task to someone who may not have been the choice of the testator.
Reviewing the beneficiaries named in the will is also matter of importance regarding estate planning. Since beneficiaries named on life insurance plans may get overlooked, it can be wise to review them as well.
Another important point regarding estate planning is taxes. Because state, city and federal regulations will dictate what taxes the executor of an estate is expected to pay, it can be difficult to understand the tax structure as it relates to property tax exemptions.
Estate planning can be a complicated matter, especially for residents of Florida who have lots of assets. For this reason, many people retain assistance from lawyers with experience in estate planning. An attorney could explain trust options and help a client prepare a will that is in full accordance with the law.