Estate Planning: Doing It The Right Way The First Time
August 8, 2014
Estate planning is an important step for Florida families. However, it is important that estate planning be approached the right way and done correctly. The correct approach to estate planning will differ from case to case, based on the individual needs of the family at that time. These plans can be adjusted over time as needed.
One of the first steps to take in estate planning is to have a will. This is a basic step and is not necessarily all that should be done, but it provides a basic protection for heirs and beneficiaries in the event of an unexpected death. The will can also determine guardians for minors in case both parents die, as well as determine how an estate will be distributed.
In some cases, Florida residents may also consider drafting a trust for their beneficiaries. This can prevent a young child from receiving an inheritance too soon. It would also name a trustee who would oversee the trust on behalf of the minor or beneficiary. It is said that a trust is particularly important for parents who have a special needs child who may outlive his or her parents. These trusts can provide money for the long-term care of the child.
It is vital that every parent have a will and/or trust established for the care of their children. One of the hardest aspects of estate planning is determining guardians for children, but it is in the best interests of the child that this be done as soon as possible. Estate planning may seem daunting, but it is a responsible and meaningful step that can benefit a family for years to come.