Estate planning in Florida involves preparing for personal assets to be managed and distributed after one’s death. The chief goal of creating an estate plan is to make sure that one’s wishes are executed. It may also help asset owners minimize their potential fees and taxes, as well as provide for their loved ones’ well-being. Here is a look at a couple of the chief components of an estate plan.
Estate plan components
A major part of an estate plan is the last will and testament, a document that specifies how a person’s assets should be distributed after he or she passes away. The document should also ideally specify an executor, the person responsible for directing his or her estate. Wills may additionally appoint guardians for young children.
Another estate planning tool is a trust. Trusts allow people to continue controlling their assets while they are alive and then transfer their assets to their beneficiaries when they die. Trustees are appointed to take over their estates on their behalf. A trust can help avoid delays related to probate, providing financially for a young child and managing a person’s assets when they cannot do this themselves.
How an estate planning attorney can help
Navigating the estate planning process can be complicated, especially for individuals with many assets or high-value assets. Fortunately, an estate planning attorney in Florida can assist in this process. An attorney can help an individual create a well-thought-out, comprehensive estate plan that reflects the client’s wishes and the best interests of his or her loved ones long term.