Individuals in Florida and throughout America should have an estate plan. That plan should account for as many different scenarios that a person can think of even if not all of them are likely to occur. For instance, it can be a good idea to include a power of attorney to ensure that financial and medical decisions can be made on an incapacitated person’s behalf.
Having a living will means that family members won’t have to go to court to determine what type of treatment a person should receive. It is a good idea to name multiple people to fill various roles in an estate. Having alternate trustees or agents allows a person to have his or her wishes carried out if the individual originally slated to fill a given role is unable to do so. Estate plans will ideally be reviewed or changed after a major life event.
Major life events could include a birth or death in the family. They can also include a marriage, a divorce or moving to another state where estate planning laws might be different. Ideally, an individual will review a plan every year or two even if a major life event does not take place. This reduces the chances that a person forgets to update or remove a beneficiary designation.
There are many ways in which wills can help a person retain control of assets after passing on. For instance, they may allow an individual to dictate who gets a car or other assets that remain within the estate. Creating a pour-over might be an effective way to fund a trust after a person dies. If a trust is not funded, it cannot be used to provide for a minor child or otherwise fulfill its intended purpose.
