Estate Planning | Tips For Your Family
Estate Planning | Estate distribution can be a real legal problem when individuals pass away intestate, which is the legal term for not having a legal directive in place. This can easily happen to someone who dies suddenly at a young age. But, people who are in the later stages of life should all have their wishes known through valid documents that eliminate any confusion among the family. There are effectively three or four documents that can serve very effectively as valid legal instrument.
Establish a Will
A personal normally includes how any personal assets are to be distributed to survivors. Any individual with even a moderate amount of assets should have a will. The best thing about wills is that they can be changed at any particular time while the primary will maker is still of sound mind, as many times wills are contested when they are developed under questionable circumstances. Rewriting a will means that all old wills are no longer active. Always have a will, and keep it updated if personal assets fluctuate in any way.
Establishing a Trust
Individuals with significant wealth may want to establish a trust that designates transference of property before the fact. Many people do this in an effort to lessen tax burdens, as the various governments will assuredly be standing in line in a probation process. There are basically two types of trusts, those being revocable and irrevocable. Do not hesitate to consult with an estate attorney if there is a need for a trust of some type, as full estate planning can get complicated and some arrangements require relinquishing power before death. Make sure you are establishing the proper type of trust.
Establish a Designated Power-of- Attorney
Power-of- attorney means that the designated individual can act in your personal stead, including signing necessary documents and handling money in most cases. Sometimes it is necessary to have this power split between medical and fiduciary authority. Anyone in Florida who is considering establishing an estate plan should contact the estate professionals at Mortellaro & Sinadinos and let them evaluate your personal estate planning needs.