Estate Planning in Florida

Estate planning in Florida is a relatively simple affair, which is governed by a set of legislations. Estate planning is essentially a kind of asset management. It is a strategy for managing one’s property efficiently during one’s lifetime. It also involves arrangements for bequest after one’s demise.

More on Estate Planning in Florida

Estate planning is planning in advance for one’s properties and resources. Estate Planning in Florida is pretty simple and convenient due to the simple regulations prevalent there. Planning in advance for one’s estate provides the owners with a number of advantages like the following:
saves money
clears negative feelings among one’s near ones
prevents a potentially chaotic situation

The areas covered under Estate Planning in Florida include the following:
Powers of Attorney
Probate procedure
Alternative options to will making
Provision for one’s young children and
Will making
Issues under Estate Planning in Florida

Issues under Estate Planning in Florida

Florida law allows one to put his signature for a power of attorney document. This document gives the authorized person the power to manage the assets of the signatory. One can give a power of attorney if one is disabled due to some reason or the other.

Power of attorney includes power of asset management and asset transfer, power of creation and amendment of any trust set up by the signatory, power to conduct IRS dealings, power of making gifts on behalf of the incapacitated signatory.

Probate is a judicial certification validating the will and more. It deals with the filing of a will in court and its subsequent validation, asset division as per Florida law or as per the concerned will and payment of outstanding taxes and debts of the deceased. Florida offers an easy probate procedure for estates worth under $75,000. It is known as summary administration.

If the worth of assets owned by the estate falls below the amount of final expenses incurred , the property can be disposed off by the individual bearing the final expenses. Disposal of personal property under such ground can be done by filing a court petition called Petition for Disposition of Personal Property Without Administration. Final expenses may include heads like medical bills or funeral expenses.

Similarly, all the other heads under the estate planing issues in Florida have unique set of rules and nuances, which are to be adhered to by the dispensing parties.

More Information on Estate Planning
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Advanced Estate Planning Estate Planning Taxation
Estate Planning Advice Estate Planning Tools
Estate Planning Council Estate Planning Wills
Estate Planning Documents Power of Attorney
Estate Planning Guide Estate Planning Lawyer

Last Updated on : 30th July 2013

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