People generally prefer not to talk about death. The reality, though, is that death can strike at any time, so it only makes sense to prepare for it. A few estate planning tips may help asset owners in Florida to protect their assets in the event of their deaths.
First, it is critical that those who have already created wills and other estate planning documents, such as powers of attorney and health care proxies, update them regularly. This includes updating the names of their powers of attorney and health care agents. In addition, people who have minor children would be wise to ensure that they have guardians for their children pointed out in the event they are needed. The list of all of these parties may change over time if any of them pass away or move too far away to be helpful in an end-of-life situation, for example.
In addition to having updated wills and the other above-mentioned estate planning documents in place, people may benefit from setting up trusts for children and/or grandchildren. A trust is an excellent mechanism for transferring wealth without the negative consequences associated with gifting an asset to a child or grandchild outright. Trustees must be chosen to control and manage these assets placed in trusts.
Estate planning can no doubt be complicated and thus confusing. However, an attorney can provide the guidance needed to set up essential estate planning documents quickly and efficiently. The attorney’s ultimate goal in Florida is to make sure that the client’s wishes and best interests are upheld from start to finish.