In general, Estate Planning involves making a written plan in advance for whom a person wishes to receive one’s assets after death and naming who they wish to make decisions for them if they become incapacitated.
- It provides instructions for what to do with one’s assets and property after they have passed away.
- It provides instructions for a person’s care and how to manage their finances if they become incapacitated.
- It identifies a Guardian or Custodian and a Trustee to manage one’s minor children and/or their inherited assets.
- It helps prevent disputes among beneficiaries and/or surviving family members.
- It can provide for family members with special needs without disqualifying them from government benefits.
- It can include life insurance to provide for one’s family at their death; disability income insurance to replace income if one cannot work due to illness or injury; and long-term care insurance to provide assistance in case of an extended illness or injury.
- It enables the transfer of a party’s business from their retirement, disability, or death.
- It takes care of loved ones who may be irresponsible with money or who may need to be protected from creditors or ex-spouses.
- It can reduce taxes, court costs, and unnecessary legal fees.
- It can be altered and updated as one’s family and financial circumstances, and relevant laws, evolve or change over their lifetime.
The foregoing is a very brief and general overview of the assorted reasons to consider when preparing an estate plan for Florida residents.
If you have any additional Questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.