Every person and family has different needs for their estate plan. Some individuals or families just need a last will and testament. Others need a revocable living trust. And still, others will need multiple trusts to effectuate their wishes. The best way to find out what you need for your own estate plan is to contact a Florida attorney to discuss your situation. This blog outlines some common pieces of Florida estate plans.
Wills Versus Trusts
A common question is whether a will is sufficient, or if you need trust. This varies in individual situations. Often, a last will and testament is the bare minimum in most estate plans. The last will and testament outline how you wish for your assets and other items to pass to your beneficiaries.
A trust is a more complex document that allows a trustee to hold assets on behalf of a beneficiary (or beneficiaries). With a trust, you can often specify exactly how and when assets should pass to the eligible beneficiaries. Additionally, since trusts can often avoid probate (when set up correctly) your beneficiaries may access the assets quicker than they may be able to under a will.
Power of Attorney
A power of attorney appoints a trusted individual to take certain actions on your behalf. You can appoint a power of attorney to have many broad powers or limited powers. You can allow your agent under the power of attorney to handle a variety of tasks, including managing your bank and other financial accounts, handling real estate transactions, or applying for government benefits on your behalf.
Health Care Surrogate
Another common document included in estate plans is a health care surrogate appointment. The health care surrogate appoints a trusted individual to make healthcare-related decisions on your behalf if you are unable to make the decisions on your own.
Florida Estate Planning Attorney
If you are in Florida and are interested in discussing your personal and individual needs for your estate plan, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.