Not all inheritances are needed or wanted, as we at The Day Law Office are aware. If, like many Florida residents after the death of their parents, you find yourself with possessions you have no room or need for, you may feel guilty even thinking about donating or throwing away these items. Fortunately, there may be a better way to unload the unnecessary personal items that you inherited, and to benefit from it as well.
If one of your children is a special needs child, you may wish to consider establishing a Florida special needs trust for him or her. As FindLaw explains, a special needs trust is one that you set up for the benefit of your child, naming him or her the beneficiary of the trust.
People in Florida who want to understand their options when it comes to estate planning should know that a will is far from the only type of tool that may benefit them. For many people, the use of a trust can be a beneficial asset in protecting their estate and controlling what happens to their assets. However, it is important to understand the various types of trusts available in order to select the best one for a situation.
If you have heeded the advice of estate planning experts in Hernando County, then you have likely already drafted your will. Yet there is indeed one issue that creating a will early on in your life presents: what happens as your material and/or familial circumstances change? They are almost certainly going to, and the odds are that those changes will influence your decisions regarding how you want your assets dispersed. Does this mean that you need to create an entirely new will?
Having a will allows you to dictate what you want to happen with your personal property and assets after your death. It also allows you to manage care for pets and minor children. Creating a will in Florida is not too difficult. However, you must ensure that any will you create meets legal standards. Otherwise, it may not be upheld after your death.
Many from Hernando County often come to us here at The Day Law Office with a wealth of questions about everything they will be asking those that they choose as their personal representatives to do. With the awesome responsibility that a personal representative assumes also comes the question of his or her compensation. If you are concerned that you will asking your personal representative to handle way too much for far too little of a reward, you will be pleased to know that he or she can be compensated for everything he or she does. The question then becomes which is the best way to do it?
It is easy to fall into the trap of thinking that estate planning on applies to how your assets and property will be dispersed amongst your beneficiaries in Hernando County once you are gone. In reality, there are many more facets to it that you need to consider (especially if you have young children). Perhaps even more important than specifying how your assets will benefit your children is designated who should be responsible for them should both you and your spouse die.
Among other estate planning documents, living wills are essential. Whereas a conventional will dictates what you’d like done with your assets and property, a living will specifies what kind of end-of-life care you would prefer. The Mayo Clinic explains what living wills can do and why they are so important in the estate planning process.
Few people i Hernando County want to think about dying, yet even fewer likely want to consider what might happen should they become incapacitated. Not having any written documentation stipulating who one wants to endow with decision-making privileges should he or she ever lose the power to do so can be just as risky as dying without a will, except that in the former scenario, there are no laws in place to help make up for one's lack of planning.
If you are among the many new parents across Florida, you may find that sleeping schedules, feeding schedules and exhaustion now dominate your day-to-day life. Given all you have going on, it can be easy to let something like estate planning fall to the wayside, but once you become a parent, it becomes even more important that you have your ducks in a row with regard to future plans. At the Day Law Office, we understand the unique estate planning needs faced by new parents, and we have helped many clients in similar positions begin to formulate plans for the future.