If you are evaluating your estate planning options, you may choose between creating a will or a trust. If you believe that a trust may be beneficial for your situation, you will have further choices to make. You can develop a revocable trust or an irrevocable trust, for example. You may also be able to or wish to create what is called an A-B trust. This type of trust is best utilized for high-asset estates that have values exceeding a person’s tax exemption level.
Unless you are an estate planning professional, some of the terms used in this process can be very confusing at first. Understanding some basic estate planning vocabulary can help Florida residents best decide which type of tools they should use so that they can effectively manage their estates. Today, we are going to take a look at some terms used to describe the different roles and people involved in wills or trusts as explained by the American Bar Association.
Florida may have a reputation for being the land where retirees go to enjoy their golden years but that does not provide an accurate snapshot of the state’s population. The sunshine state boasts its fair share of young and vibrant residents who continue to help Florida thrive. However, some of these millennials may inadvertently be setting themselves and their families up for difficult times by ignoring the importance of proper estate planning.
The recent passing of a modern-day music legend left the entertainment world in mourning but should be used as a reminder to everyone about one important fact—estate planning matters. Too many Florida residents, like their counterparts around the nation, do not have adequate plans in place for after they die. Some do not have any plans at all.