In an ideal world, every person in Florida would have a full estate plan in place complete with the identification of a power of attorney and a health proxy. This can be whether trusts or wills are used in estate planning and can be invaluable to family members when a crisis occurs. However, this has not always been done. There can also be situations in which a health proxy has been named but is not available when needed. This many situations in which alternate ways of making critical health decisions on the part of someone else must be found.
Florida residents who are investigating their estate planning options will often be choosing between wills and trusts. While each of these can provide an estate plan that outlines a person’s wishes for asset distribution after death, the way that each document does this is very different. Understanding the differences is important before choosing a path.
If you have an elderly relative in Florida that you provide care for, you may face many decisions and situations over time regarding how best to do that. At some point, based upon the health and mental ability of your loved one, you may need to consider setting up a conservatorship or guardianship. This can be a valuable way of protecting an elder and his or her assets.
If you or a family member is interested in setting aside money toward the education of your children, grandchildren or other heirs, a living trust or an irrevocable trust can provide you with some options. Educational clauses can be created and put into trusts and they can work in different ways based upon your wishes or the needs of the circumstances.