Proper estate planning can help you know that your assets will be handled according to your wishes after you die. It can help your heirs to avoid long and difficult legal challenges in the wake of your death. But, even when you have handled all of your personal estate matters are you sure how your business will be handled in the process? Business assets and interests may benefit from special handling in order to avoid probate or other issues.
If you are looking to create or perhaps update your estate plan in Florida, you should take note of your current debt load as well as assets. Similarly, if someone has asked you to be the executor of a will, you’ll want to take a close look at the person’s financial situation. Having a solid understanding of the liabilities that the person holds is important down the road.
Many Floridians need to protect elderly relatives or other family members that might have limited capacity to take care of their own affairs. This could be an adult child with severe Down’s Syndrome or an aging parent with signs dementia or other conditions. In some situations, people have already established their ability to manage the needs of a person but in other cases, incapacitation can creep up leaving them wondering what their options are.
Creating a will can be a daunting task for Florida residents. Identifying where or to whom personal belongings and assets will go after death may not always be easy. Of equal concern is determining who shall be in charge of making sure that a will’s provisions are properly carried out. This person is called the executor and choosing someone to act in this role requires careful thought.
When considering estate planning options, Florida residents commonly evaluate the pros and cons of developing a will versus a trust. In some cases, people utilize both of these documents. But, beyond this initial issue is yet another one for people interested in trusts. That issue is whether or not to create a revocable trust or an irrevocable trust.