Floridians concerned about estate planning have many options to consider, including various trusts. In times past, trusts were considered to be only useful for the very wealthy but have become more common for a wider audience in more recent years. They can be set up as part of an overall estate plan that may include a living will, a health proxy, a power of attorney and more. The need to preserve assets and protect survivors after the loss of a loved one make trusts one of today’s most beneficial strategies in planning for the future.
Many readers in Lee County, and other localities across the U.S., understand the importance of creating estate plans and writing wills. Talking about their end of life wishes and plans, however, can be hard for some people and so neglect to share that information with their family members or heirs. For loved ones who are struggling with the loss, not knowing can serve to only further complicate an already difficult time.
Even if a will exists, there is the possibility that someone could come forward during the probate process and contest the distribution of an estate in Lee County, and elsewhere. Combined with allegations of an elderly or incapacitated person being taken advantage of, fraud or any other number of schemes, these situations can become even more complicated.
In Lee County, and other localities across the country, people may establish trusts in order to pass an inheritance on to their beneficiaries after their death. As a part of the estate planning process, there is often a trustee named to oversee the administration of the terms for the fund. There may be some situations, however, where the trustee may feel there is a problem, such as a person not being mentally competent to make their own decisions, and may choose to withhold funds from the intended recipient.