When individuals approach preparations for the distribution of their assets, it is likely that they wish to avoid any situations that could lead to confusion about their final wishes. Whether a person creates a will, or dives deep into trust planning, once the effort is put forth, most people hope to have the distribution carried out according to plan. Florida residents have the ability to inform themselves about common pitfalls when it comes to estate planning, and in that way, they can hope to avoid future problems with the estate.
One major pitfall of any estate plan is not having current documents that are easy to find. A person creating a trust will do a huge favor to the heirs if they keep the documents in order, up-to-date and in compliance with current law. Additionally, the documents should be stored in an easy-to-access location that is known to the person most likely to be handling the estate. Sometimes, simple solutions are the best for ensuring that everything goes according to plan.
When it comes to the trust itself, a person will want to ensure that the trust is funded by moving their assets into it. Additionally, many trusts include a pour-over clause that will funnel any remaining property into the trust upon death. A person who is concerned about whether heirs will be able to handle the sums left to them may wish to include clauses giving guidelines for the disbursal of money.
floridaelderlaw.net/Probate-Estate-Ancillary-Administrations/Will-Trust-Litigation.shtml">Trust planning, when carefully approached, can be a useful tool to people who wish to leave a specific legacy. The planning aspect can be complicated, and many individuals find they need help. In Florida, many people choose to use the services of an experienced estate planning attorney in their area.
Source: wmur.com, "Money Matters: Estate planning mistakes", Marc Hebert, Dec. 28, 2017