If You Don’t Have an Estate Plan, It’s Not Too Late
If you know that having an estate plan is important, but you don’t have one, you aren’t alone. Most Florida residents are aware that they need an estate plan. But many of those Florida residents who know they need an estate plan, don’t actually have one. If you don’t have an estate plan, don’t worry. It’s not too late to call an experienced Florida estate planning attorney and protect your family and your estate.
When you are creating an estate plan later in life, it is often even more important that you do so with the assistance of an experienced Florida estate planning attorney. When approaching the task at a more advanced age, it is common to have a higher number of assets to consider, more value in your estate, grown children, and often grandchildren. Your attorney will consider all of these factors when creating your estate plan.
The first decision many face when creating an estate plan is whether they should start with a will or a trust. A will is often used to protect your assets so they can be left to children, grandchildren, etc. Some people make do with a will alone, but most benefit from additional estate planning documents and tools.
Adding a trust to your estate plan can offer a significant amount of power and flexibility over your estate because the trust is actually designed to protect the estate assets while the creator of the trust is still alive. Trusts can also be an irreplaceable disability-planning tool. The most common type of trust to include in your estate plan is the irrevocable living trust, but there are a number of more specific, complex trusts that could greatly benefit you depending on your situation, such as veteran’s trusts or special needs trusts.
Once you have established your will and created the trust or trusts that will most benefit you, your family, and your estate, you can discuss what other tools and documents would be beneficial. By working with an experienced Florida estate-planning attorney you can pinpoint the exact estate planning elements that will be most beneficial for you. Get in touch with one of the Florida estate planning attorneys at Elder Solutions Law Firm today.