Many people in Florida and elsewhere prefer not to view themselves as being mortal. For this reason, they put off estate planning. However, creating wills and trusts are essential for protecting a person's assets and wishes for loved ones long term. Here are some important questions to address in an estate plan.
First, it is important for people to come up with plans for how their loved ones will be cared for in the event that they pass away. For instance, if two individuals have minor children, it would be wise for them to name a guardian for these children. In addition, if they personally become incapacitated, who will make medical and financial decisions on their behalf?
Likewise, it would behoove people to consider the type of treatment they would be okay with receiving if they were to become terminally ill. In addition, how would they like their assets distributed after they pass away? For example, they could leave certain assets for spouses, children or even their favorite charities. Through estate planning, asset owners can also figure out how to protect their assets from ex-spouses or creditors, as well as how to minimize their estates' tax exposure.
The estate planning process can certainly be daunting due to the many matters that must be addressed. However, an attorney in Florida can walk individuals through the process of setting up trusts or creating wills with confidence. The attorney's main aim is to make sure that the client's rights and best interests are protected long term through a well-thought-out estate plan.