With autumn here and winter hard on its heels, many retirees will be making their way back to Winter Haven, Lakeland, and other communities throughout Florida. These snow birds who spend the summer months in northern states and then fly south to Florida for the winter truly do enjoy the best of both worlds in many ways. However, it's important to give due consideration to which state is one's legal residence, as the laws of that state will affect one's estate and assets.
One of the most compelling reasons a Winter Haven resident might have for creating a will is the power to distribute one's assets as one sees fit. While the intestacy laws provide for distribution of assets after death, not all people will find these rules to be satisfactory. A will, on the other hand, can give people a great deal of discretion in distributing assets. One famous comedian seems to have taken advantage of this feature in planning his estate.
Everyone has an estate plan, whether they know it or not. For Winter Haven residents who die without a will, their estate plan is the state's intestacy laws. While these laws may work well for some, many others may find them to be unsatisfactory. In particular, people with large, complex assets and property may not necessarily be happy with the intestacy laws.
If you are contemplating estate planning and the importance of estate planning, you may wonder what happens in Florida if you die without a will. Each state has what are referred to intestacy laws which govern intestate succession if an individual passes away without a will. Intestacy laws determine inheritance rights if an individual dies without a will.
With Republicans in the White House, there has been much talk both on state and national levels of how the issue of estate taxes, sometimes also called death taxes, will be affected. Estate planning is a state issue that the Florida state legislature makes the rules about taxes and exemptions, as do other states. However, federal regulations passed are required to be adhered to by the state in the broader sense. While nothing imposing has been passed on the federal level, many states are beginning to trend towards reduced or eliminated 'death tax'.
The sudden death of music legend, Prince, left fans and family reeling last year. One year later, the heirs of his inheritance are still in the midst of processing his assets and other financial aspects of his massive estate. To make matters even more dramatic, it was reported that Prince had no estate plan and did not leave a will as to what was to happen with any of his property, both physical and intellectual property. Of course, intellectual property like Prince's music has been of much debate as of late.
The reasons to arrange a will or an asset plan for after your life has come to pass has a lot of benefits. Whatever the specific reason, there are lots of reasons a person may want to look after their estate and their loved one's after they pass away. If there weren't reason enough, what can happen to one's assets and estate is not always desirable without an estate plan or will. Each state is different in their laws of intestacy when no will is in place.
Loved ones can accumulate assets over years of hard work and accurate financial planning. Sometimes, a loved one leaves this world and their possessions behind. Many people have detailed estate plans for what to do with their worldly possessions. Others may not have indicated such a specific plan. In both situations, the heirs to an estate or inheritance have certain rights.
Florida residents typically have a variety of reasons to start thinking about estate planning. For some, the decision is made early on as they go about getting married, buying a home and starting families. For others, the decision to have an estate plan crafted occurs later in life, and they want to ensure that the estate and assets they leave behind are a positive inheritance for heirs.
Florida residents who are considering whether they need a plan for their personal property after they have passed might not be able to relate to the famous and ultra-wealthy. However, there is much to be gleaned from the news when a prominent person dies and ownership of the estate and assets are in dispute. It's important to understand how money that could have been protected might be lost, why children can be affected, and how the decedent's wishes need to be detailed.