As you think about the people you would like to see in inherit your estate, it is important to remember that you need to name someone as the executor of your last will and testament. An executor is someone that makes sure your wishes are carried out and that your heirs get exactly what you want them to have. An executor may or may not be paid for his or her duties. This should be written in the will so there is no confusion later. When selecting an executor as part of your estate planning, you should choose someone who you trust and who you know will be honest and carry out your wishes exactly how you direct.
Taking the time to meet with a lawyer in Lee County, Florida and writing down your final wishes can be one of the most loving things you can do for your family. After a loved one dies, the last thing anyone wants to do is argue over what should go to whom. Writing a last will and testament can ensure that your estate is divided in a manner you see fit and that your loved ones are taken care of.
Writing a will in Lee County, FL is typically not something you do once in your life and then forget about it. Since your situation may change over the years, it is important that you keep your last will and testament updated. Whenever a major life event occurs, such as a marriage, birth or death of a child or death of a spouse, it is often necessary to amend your will to accommodate these changes. Doing so can help your wishes be carried out in the way you see fit.
When you write up a last will and testament in Lee County, Florida, you are ensuring that your estate will be divided in a manner that you see fit. Many people wish to leave their homes, car and other assets to their loved ones. Others want their assets sold and the money bequeathed to their favorite charity. Explicit directions for whatever a person wishes to happen to his or her estate can be written in a will.
Proper estate planning should be discussed with an estate planning attorney and with a tax specialist to develop a strategy that deals with your specific needs. For most individuals, probate is the appropriate method for administering their assets after they pass away. However, there are a number of ways to avoid probate depending on your net worth.
There are several asset protection features in Florida that are not available in many states. Last Month I discussed your homestead, and this month I will discuss annuities. The cash value in insurance policies and all annuities are protected in the event of Bankruptcy, and creditors' claims under Florida Statute 222.14.