Florida residents have many options to consider when developing future estate plans. Many people choose to utilize trusts for this purpose. CNN Money explains that there are two primary types of trusts. In contrast, a testamentary trust can be outlined as a provision of a will and then become effective upon death. An inter-vivos truss, also referred to as a living trust, takes effect upon creation even while the person is still living.
Florida parents can often be so consumed with the everyday responsibilities of raising their children and managing their families that the thought of future estate planning gets put aside. However, the possibility of tragic accidents or illnesses always exists. For this reason, it is important for families to look ahead and make plans for their children in the unfortunate event that something happens to the parents and the children still require care.
Most Florida residents may have heard about probate but may not fully understand what it is or how it works. In short, probate is the process by which the courts manage the estate of a person who has died, as noted by the Florida Bar website. Probate litigation is necessary when no will or trust was in existence but it can also be required in cases where such estate planning documentation does exist.
You and other parents of adult children with special needs often serve numerous important roles in your kids’ lives, providing for their daily care needs as well as becoming their medical and social services advocates. Consequently, it can be difficult to consider your child being cared for by anyone else. The attorneys at Levins & Associates, L.L.C., understand how important it is for families with special needs to establish comprehensive estate planning arrangements that provide for the daily and long-term necessities of adult children.