Trusts, wills and estate planning are very serious issues for many people that encompass a wide variety of factors. Trusts and wills serve as effective methods of ensuring assets are transferred according to personal wishes, they can also be a way of protecting wealth from taxes and potential claims by other entities regarding debts or collateral situations.
The most traditional form of estate planning for most people is establishing a will that states the exact wishes of the primary will maker with respect to dispersion of all personal assets. Wills can be simple in many instances, but they can also get complicated when the level of assets is significant or there are minor children or other inheritors who could be affected by an untimely death. In addition, there are some protections associated with a death that a will cannot provide. That is why it is important to consult with a Florida estate planning attorney like the legal professionals at Simons Law Group, PLLC, when establishing a will.
Trusts are essentially divided into two specific groups, with those being revocable and irrevocable. The primary trust maker is usually the trustee in a revocable trust, and the assets included in a revocable trust are still considered property of the primary individual. Depending on your situation, co-trustees can also be named as well as establishing a will that states exactly what the disposition of the assets would be in the event of death or incapacity. This means legally that the trustees still control the assets and any income from those holdings, but they are also vulnerable to tax collection. Irrevocable trusts are exactly what they say. The trust maker relinquishes all control and property claims on the assets, and the trustee can be any person or business entity according to the wishes of the primary asset holder. Financial services businesses or banks are often chosen as administrator for irrevocable trust, and a Florida estate planning attorney can be of excellent assistance in establishing either type of trust.
Durable Power of Attorney
A power of attorney gives a spouse or family member the legal right to act on behalf of the estate owner. They gain access to their assets for expense payments. They make choices about their healthcare requirements and manage their properties if the estate owner is incapacitated.
Why should you consider an estate planning attorney?
Estate planning is a delicate matter that should be handled by professionals. The number of times you have seen or heard about families that engaged in fierce legal battles is enough to make you want to do things the right way. Call Simons Law Group, PLLC, today for a free case evaluation.