Single people in Florida who are looking ahead to the future for financial planning should also take into consideration estate planning. Without a spouse, many of the expected defaults when a person dies do not exist. As Forbes explains, without any estate plan in place, assets generally flow to the nearest living relative before eventually going to the state if there are no relatives.
If you are the surviving heir, will executor or other representative for a person who has died in Florida, there are many things you will need to understand about the probate process. Among these is how the Internal Revenue Service can be involved in probate.
If you are preparing your will, there are many things you should know. Florida law and estate planning in general have unique provisions that may influence how you set up your estate plans. Among these are the rights of your spouse or any children you have who may survive you. The Florida Bar explains that no matter what your will states, you are not allowed to completely disinherit your kids or your spouse.
If your parent dies and leaves a home as part of your inheritance, you will have to decide what to do with that asset. Many other Floridians face this decision and generally, there are three different things you can do. Each has its own set of pros and cons and no one option is right for every situation. Knowing a bit about the various options can help you make the best choice for you and your family.
Starting in 2015, efforts got underway in Florida to reform the state’s guardianship program. The call for change was led by those who voiced concerns about the financial exploitation and abuse of elders at the hands of those who were tasked with protecting them and their assets. Investigative reports were launched, identifying several issues in detail.