A comprehensive estate plan is essential. While most people in Florida understand that they need a will and maybe a power of attorney or two, not everyone realizes what a trust can do for them. Some trusts can be either revocable or irrevocable, which provide different benefits depending on what a person needs most.
A solo ager is a person who does not have children. Typically, a person will rely on one's children for assistance with managing personal affairs as he or she ages. In the event that a person in Florida does not have a child who can help, that individual may wish to take another approach toward long-term care planning.
In light of recent news about tax law changes, some people are worried about how the changes could affect future plans, but a survey shows that even more people are concerned about family issues. Due to the changing and expanding nature of families, estate planning has become more of a challenge for some individuals. A thorough look at the needs and values of a family can help a person plan for his or her needs and wishes in regard to his or her Florida estate.
An estate plan can be a useful tool for the person who wants to protect assets and ensure a smoother transition. As part of an estate plan, many Florida residents elect to create a revocable living trust to house their assets. Unfortunately, after setting up the trust, some individuals forget to fund the vehicle, thus making trust administration difficult for the successor trustees.
A new car without fuel might be considered useless. Similarly, a trust that hasn't been properly funded won't be of much use and can be a headache for the individual charged with trust administration. It can be easy and relatively inexpensive to create a trust, but without funding it with the estate assets, the power of the trust is limited. In Florida, a person who wishes to create an estate trust may not want to neglect funding the estate vehicle.
When it comes to estate planning, individuals have several options and many details to consider. One way to transfer assets to beneficiaries or heirs is through a structure called a trust. A trust has certain benefits for Florida residents who are looking into the process of planning how to pass along their accumulated wealth.
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.
Once a person has climbed the mountain of accruing wealth, they usually desire a way to share that wealth with family. A person who has retired and is debt free will likely be thinking about estate planning. Not every person will have confidence in a child's preparedness to receive a large sum of cash, nor will every child's circumstances be ideal for an infusion of cash. For individuals in Florida, a trust is a possible route for ensuring the longevity of the inheritance gift.
Important legal documents should be prepared with care and understanding. A living trust is no different. When creating a trust, one should weigh the important question of who should become the successor trustee, knowing that the position comes with heavy responsibilities. In Florida, while it is certainly possible to go through the trust process without a lawyer, trust administration attorneys are also good resources for this legal process.
The legacy one leaves behind can be managed in a variety of ways. Some opt for the traditional will, and others decide that a trust is the right choice for their needs. A revocable trust is a type of trust that allows the grantor to alter or revoke the trust should circumstances change. In Florida, trust administration is enacted by the trustee. A recent new story tells more details about one type of trust, the revocable trust.