Florida residents may be well aware that estate planning can be used to reduce the taxes that will be assessed on an estate. However, they should be mindful that there are additional, non-tax reasons to construct an estate plan.
Handling a disorganized estate can be a very difficult task for individuals who are grieving a deceased loved one. In order the lessen the burden on the loved ones that they leave behind, individuals can create an estate plan that can be used as a guide for how the estate is to be handled. The estate plan should include a will, a revocable trust, an itemized list of all of the estate’s debts and assets, a list of login information for digital assets and detailed instructions on how any last wishes should be carried out.
Having an estate plan in place can ensure that the assets of the estates will be distributed to the intended heirs in the manner in which the decedent instructed. There are also estate planning documents that can be included to specify who will have the authority to manage the estate affairs. Individuals can appoint an executor who will handle the administration of the estate. They can also name a guardian who will be responsible for caring for any minor children. If the proper estate planning documents are not in place, the manner in which the assets will be handled and the designation of the executor and guardian will be determined by the court.
An estate planning attorney may advise clients of what type of estate planning documents should be created to ensure that their estate is handled according to their wishes. The attorney may recommend certain types of trusts that can be used to regulate the distribution to certain assets to the intended heirs.