Taking action now just makes sense because it allows you to decide how your property and other assets will be distributed upon your death. Additionally, it empowers you to make plans that will keep your family’s future safer and more secure. When seen from this perspective, it’s clear that estate planning, like creating a will, is one of the most caring and selfless things that you may ever do.
While a basic estate planning tool, a will typically is considered a vital component in any estate plan. It is the instrument through which individuals are able to ensure that their assets and property are distributed in accordance with their wishes after they have passed away.
Through your will, you also may name an administrator whom you trust to oversee your estate after your passing. This document allows you to name a guardian for your minor or disabled dependents and may even provide you with the opportunity to give generously to a cause or charity that is meaningful to you. In short, if drafted correctly, a will is an incredibly powerful document.
However, the process of creating the will remains a formal one in the State of Florida. Certain conventions and regulations must be met in order for the will to be considered valid by the courts. Failure to observe any of these conventions may mean that your wishes are not upheld and result in years of turmoil for your family.
Accordingly, it is wise to work with a estate planning lawyer so that your final wishes will be legally valid and enforceable. This includes ensuring that your will is properly executed, signed, and witnessed.
Keep in mind that a will may be changed at any time as it only becomes enforceable upon the subject’s death. If you have a will that is several years old or if you have gone through a life changing event, then it makes sense to meet with Easy Estate Probate to ensure that your will is up to date and valid.
Many people mistakenly believe that trusts are only for the extremely wealthy. However, trusts are a great tool even for those with modest income to avoid probate and ensure that their final wishes are respected
Unlike a will, a trust can be active during the lifetime of the person who establishes it. Trusts are legal arrangements that are designed to hold your assets while you are alive and then upon death, your trustee, as opposed to the courts will administer your assets and distribute them to your beneficiaries.
One or more trustees whom you choose are designated to manage the trust in accordance with the guidelines that you establish. Trusts are highly customizable, allowing the grantor to stipulate a range of rules or controls. As an example, the assets may be held in trust for the education of a child or grandchild.