In Florida, having a basic estate plan is an important step to ensuring a smooth transition for the family left behind. A will is one of the most common documents. Wills need not be complex, but there are inherent legal requirements to make the document valid. This can avoid problems for the family and keep any dispute or disagreement to a minimum. Often, many people who are making a will - testators - will not be fully aware of these key points in having a legal will. When preparing the document, making certain it is legal and covers all the bases in terms of legality is just as important as asset protection and determining which heirs will receive what properties.
When Floridians are crafting an estate plan, they will frequently consider the basic and obvious devices like wills and trusts. For many, however, there are other concerns that they want to address. That includes what will happen if they have medical issues, become incapacitated or are on life support as the only means to keep them alive and they cannot make decisions on their own. It is in these cases that durable powers of attorney can be useful.
Floridians who are vigilant about their estate planning needs will want to cover all the bases as efficiently as possible. For many, that includes detailing how they want any potential end-of-life issues handled. This is where a living will is important. Many will understand the basics of estate planning with wills, trusts, asset protection and more. They might not understand what a living will is and, more critically, what it does. Knowing the law for this is a key factor in having a fully comprehensive document that addresses the person's goals. Also essential is legal assistance.
It goes without saying that Floridians will want to make certain their loved ones are shielded and get the maximum of their inheritances when an estate plan is created. That can be accomplished through wills, trusts and proper implementation of asset protection strategies. For those with significant assets, the new Trump Administration tax plan was a boon when trying people were seeking to provide loved ones with large gifts and avoid onerous tax implications.
Florida residents need to consider a wide variety of assets when they are putting together an estate plan. From houses to retirement accounts, investments to personal property, estate plans can lay out a person's desires for how those assets should be passed on to others. However, here in Florida especially, there may be many people who are wondering, can a timeshare be part of an estate plan?
Florida residents want to protect their families. However, many times, these protective thoughts don't include estate planning. Why? Well, perhaps it is because some people think that the estate planning process is too complicated, or they think they don't need any estate planning documents because they don't have significant assets. Those thoughts are wrong, on both accounts.
There are many Florida residents who may think that estate planning is a task for "old" people to take care of. However, this couldn't be further from the truth. In reality, everyone - young, old, married, single, rich, poor - could benefit from having an estate plan in place. Young couples, in particular, could benefit from having an estate plan.