Whether you are establishing a brand-new estate plan in Florida or revising an existing one, you should give some thought as to how best to handle your retirement account funds. These assets are not generally covered by a standard will as explained by Forbes. This is because you will have identified a beneficiary for these accounts, just as you would have done with a life insurance policy. That, however, does not mean you cannot or should not consider putting them under the watchful eyes of a trust.
If you or someone you love is looking to provide thorough direction on how certain medical situations are to be handled, an advance directive should be considered. Florida residents who create the proper documentation can know that if they are ever rendered unable to speak and communicate with medical professionals, their wishes will be adhered to. This can happen in one of two ways, as outlined by AARP.
Florida residents who have established wills have taken an important first step in protecting their estates and assets for their heirs. However, creating a will should not be considered a one-time thing that is over once it is originally signed. Rather, Forbes recommends that a will be thought of as a living document, subject to change. That change may be necessitated by many factors.
As more and more people in the United States and Florida reach their senior years, family members must deal with an increasing number of issues. Directly physical health concerns are among these but so too are those conditions which primarily affect mental function. Alzheimer’s and dementia patients can often live for many years in relatively good physical health while their cognitive abilities fail. These failings can put them at risk if they are left to care for their own affairs in the meantime.