When you talk to your children about your estate plans, you should be as detailed as possible about what you want to happen following your death. However, some parents do not even discuss basic aspects of their estate plans, which can be a major problem after they pass away and it is time for their children to implement their parents’ wishes. Here are some crucial areas of estate planning that Florida parents should discuss with their offspring.
According to Money Crashers, a report conducted by UBS in 2014 discovered that 80% of parents made a last will and testament but half of them did not inform their children that they created a will, or if they did, they did not disclose where they put their wills. Also, Fidelity did a study in 2015 that found 92% of parents planned to have one of their children act as the executor of their estate. However, 27% of those that were chosen did not know that they were chosen in the first place.
Even in cases where children may be told that their parents want them as executors, the job can still be challenging if the children are not informed where their parents’ estate planning documents are. Executors require more than just a will. They also need information on financial accounts owned by the decedent and any other part of the estate that needs to be resolved, such as tax issues or outstanding debts. Hunting down these documents can make the job taxing and perhaps even costly.
Basically, if you want one of your children to be your executor, you should inform your child of your wishes beforehand. You should also make your estate planning documents available to your executor candidate. One way to make things easier is to gather together important documents like life insurance policies, debt information, medical documents, power of attorney paperwork, and other estate planning information. These documents should be kept together in a safe place and told only to loved ones who need to know.
Estate planning can be a sensitive topic and may require legal assistance to handle issues that you are not familiar with. Because of the varying needs of Florida families, you should only consider this article as general information and not as legal counsel for your situation.