Estate planning is something that many people never think about. Most people believe that they do not have enough money or property to be considered the owner of an “estate” but that doesn’t mean we should learn about estates. Remember, estate planning done right does not require a lot of money or even a great deal of time.
The first thing that anyone new to Florida estate planning needs is a will. Most people are comfortable with the concept of wills and grow more confident when they start with something that they understand. Creating a will is nothing more than outlining who determines your money and property after your death.
A will does not need to be filled with legal or technical terms. In fact, many lawyers specializing in estate planning in Florida recommend writing a will in easy to understand terms. This makes it easier for individuals reading the will to understand the writers’ wishes. When writing a will always sign it and get two witnesses to sign verifying the contents and that you are of sound mind and body.
Living wills are the second part of estate planning in Florida. These documents will let your family know how to handle your personal finances and what medical care should be provided if you are alive but unable to care for yourself or make your own decisions. When creating a living will you will be taking a step towards avoiding a stressful situation that may occur if you are unable to make your own decisions and your family does not know what to do. When creating a living will it is important to designate a person that you trust who knows you well enough to make the decisions that would be entirely in your best interest.
Setting up a trust is one of the best ways to make sure that your heirs receive the assets you intend to leave for them, especially if they are minors. This helps to protect heirs from losing money or real estate after your death through unforeseen expenses or fees. A trust can be managed for your children or minor heirs until they are deemed responsible enough to manage them for themselves. Usually when they come of age.
Regardless of whether you choose to make a will, living will, or trust you can change your mind at any time. All documents can be amended or even destroyed and replaced. When making changes to your estate contact a Florida lawyer to help you make all of the right, legal, decisions.