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Naming beneficiaries may be concern in Florida estate planning

When Florida residents begin thinking about how they would like their assets to be distributed after death, they may be concerned about leaving out a family member or friend. They may also fear that giving a certain item or amount of money to one individual may cause others to believe they were not as loved. As a result, some parties may feel apprehensive when it comes to this stage of estate planning.

One step that could prove useful in holding the apprehension at bay is to discuss the situation with loved ones beforehand. By having an open line of communication, individuals may be less likely to be blindsided when the details of inheritances are revealed after the person's death. Questions and concerns may be addressed in plenty of time for loved ones to better understand certain decisions.

These discussions could also allow a person to understand what assets may be most valuable to certain loved ones. By leaving an item that has sentimental value to a family member who understands that value may negate the fact that another individual may receive an asset with more monetary value. Understanding that money does not necessarily mean love may help a person feel more at ease when naming beneficiaries.

There are many facets to estate planning that may cause individuals to hesitate before creating their own plans. However, Florida residents do not have to go through the process alone. Discussing potential plans and concerns with family members may be useful as well as consulting with an experienced estate planning attorney who may be able to provide specific insight.

Source: Reuters, "Equating inheritance with love can cause discord", Beth Pinsker, April 15, 2016

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