Most people are aware of what a health care power of attorney can do. However, many people in Florida and around the country may not understand the importance of having a financial power of attorney.
It’s understandable that parents or grandparents want to be sure their loved ones’ needs are taken care of after they pass on. A common way for Fort Myers residents to leave an inheritance for their heirs is by setting up a trust fund. There are many ways that trusts can be beneficial to recipients. Contrary to popular belief, a family does not have to be wealthy to set up a trust. Trusts can be especially useful if the grantors would like to be sure their children or grandchildren are left with an inheritance but do not misuse the funds.
In many situations, once children turn 18, they are no longer legally bound to their parents. However, Florida families with a special needs child will find that their responsibility often extends well into the child’s adulthood. At Levins & Associates, L.L.C., we understand the importance of ensuring that your children will be taken care of no matter what their age or situation.
People in Florida and across the country who have expensive wine collections or valuable pieces of art should take a few legal measures to ensure the items are cared for upon their death. Failing to do so could mean that something of significant monetary or sentimental value could simply be sold.