Irrevocable trusts offers many benefits -- for instance, they offer major protection against creditors. This is why some asset owners in Florida pursue these types of trusts during the estate planning process. The challenge, though, is that an irrevocable trust generally cannot be amended.
Some asset owners in Florida plan to leave huge financial windfalls behind for their offspring. Meanwhile, others intend to leave behind smaller monetary accounts. Either way, estate planning is critical, as it will allow the asset owners greater control, privacy and security of their legacies. Here are a few major benefits of estate planning.
Many individuals in Florida have not taken the proper steps to protect their estates in the event that they pass away. Unfortunately, this means their estates might not end up in the intended hands in the future. Here are a couple of tips for completing estate planning in the most effective way possible.
Thinking about the possibility of death is generally not anyone's idea of a favorite pastime. However, estate planning is critical for anyone who owns assets in Florida. It is especially important for those who have jumped on the cryptocurrency bandwagon, which is picking up speed around the globe.
People in Florida generally prefer not to think about death. However, estate planning is a critical part of planning for the future, as without an estate plan, people's assets may not end up in the intended hands when they pass away. A living trust is a particularly handy estate planning vehicle.
Creating wills is certainly an important part of preparing for the future. However, an often neglected aspect of estate planning in Florida is updating beneficiary designations. For this reason, many asset owners have deceased relatives or even previous spouses named as their beneficiaries on their retirement accounts or life insurance policies.
A couple of months ago, we wrote a post about wills and how people could challenge a will based on a claim of undue influence upon the grantor. We want to to continue the discussion about wills today, but take it in a different direction: when you have a will, it is imperative that you update it frequently.