In the field of estate and will planning, we sometimes see cases in which the heirs or the surviving spouse become embroiled in a battle over the family estate. Not all family members are close, and at times the disputes over the estate administration can become quite heated. This is why laws exist in Florida to protect a family's assets in the event of a will contest.
Certain life situations can make it difficult for a person to manage his or her own assets. When this is the case, family members may set up a conservatorship. While people may often associate conservatorships with older populations, one celebrity's conservatorship demonstrates that some younger people also have conservators managing their finances.
What do you value most in life? Family? Work? Helping others? Many people choose to put time and money into things they care about. This might mean spending time outdoors with family members on weekends or volunteering at a food shelf during one's free time. How one chooses to spend time and money may indicate where one would like money from an estate to go.
A person may work for years earning and saving money and then put the assets into a trust. Deciding where to keep these assets should not be taken lightly. The person who earned this money probably worked hard so he or she could offer this money to heirs, potentially including a spouse and children. As these assets likely took a long time to earn, placing them in a safe location and under the care of a trusted individual is important.