Creating an estate plan is among the most critical tasks an individual with assets will do in their lifetime. Detailed estate plans can help people preserve their legacies and protect their assets when they pass away. Here are a couple of tips for navigating estate planning in Florida.
Focusing on the heirs’ needs
People creating estate plans would be wise to consider their heirs’ unique needs. For example, an heir with a disability may receive government financial assistance, and giving him or her inheritance money directly may jeopardize his or her access to these financial benefits. In this situation, establishing a supplemental needs trust may help provide the individual with supplementary income without replacing his or her government entitlements.
In addition, minor children generally are not capable of managing any funds left to them. People who wish to leave property or money to minors may want to create trusts. Individuals overseeing the trusts, or trustees, can then manage the funds for the minors until they reach adulthood.
How an estate planning attorney can help
Figuring out how to create an estate plan can be complicated, especially for individuals with significant assets and many family members they wish to leave funds to when they pass away. However, an attorney in Florida can help them determine the best way to leave their assets to their target beneficiaries. The attorney will strive to ensure his or her client’s wishes and best interests are protected during each step of the estate planning process.