Creating a will is just as important of a step in preparing for the future as saving for retirement. However, estate planning in Florida involves more than simply putting together a will. Other documents are also important, and these documents ideally should be integrated to make sure that the various parts work well together.
For instance, a last will and testament’s purpose overlaps with that of a living trust. A living trust is an important part of many estate plans, as it helps to ensure that the proper beneficiaries receive certain assets once the creator of the trust passes away. In many (but not all) instances, wills leave all assets to living trusts so that they are handled in a unified manner under the trusts.
A power of attorney is yet another important estate planning tool. The POA’s purpose overlaps with that of a living trust. They are both meant to provide for a person’s personal care, helping him or her to stay at home, supporting his or her dependents when he or she is incapacitated, and even making lifetime gifts so that the individual can become eligible for government benefits that are based on need.
Estate planning can understandably be complicated due to the many components that a comprehensive plan features. In Florida, an attorney can help asset owners to navigate the complexities of creating estate plans. The attorney’s goal is to ensure that the client’s rights and interests are protected during each phase of the planning process in the Sunshine State.