It is a commonly held belief among many Floridians that wills or trusts are only needed by people who are older or who have extensive assets. Quite simply, this is not true. Everyone can benefit from having a will. This is so even if are under the age of 40 and don’t own your own home or have a long list of investments. What makes this so?
Being the parent of a disabled child can bring many special and unique joys to your life. It can also bring some very real and specific concerns. If your child’s disability is severe enough to prevent his or her ability to earn a living or fully care for him or herself, one such concern is how to financially provide for your child. During your lifetime and after your death, you child will need access to funds in order to live.
Many people in Florida may consider estate planning something needed only by the very wealthy or by older persons. These beliefs, however, are not true. Virtually anyone can benefit from having an estate plan in place no matter how modest an estate may be. Regardless of an individual person’s situation, there are some common estate planning mistakes to be aware of and to avoid.
If you are like many people in Florida, the thought of creating a will or a trust can be a daunting one. Sometimes the whole concept of estate planning is so overwhelming that it is easier to just put it off. However, this can leave you and your heirs at risk for not having your plans outlined properly before you die. Learning how to approach the process of creating an estate plan is important and does not necessarily start with determining which type of documents you may want.