Stuart, FL – There are some common roadblocks that people may deal with as they age and when creating an estate plan. Fortunately, an attorney who deals with trusts, estates, wills, and related issues can sort these problems out and help individuals who may run into problems as they find it is time to transitions their assets to other family members.
Preparing for unforeseen health issues
One of the most common concerns is a sudden illness or health problem that prevents someone from properly completing their estate plan and carrying out their wishes. It is possible to create advanced medical or healthcare directives, or appoint a trusted family member to be given power of attorney in this situation. However, planning early and already having a comprehensive estate plan or will in place is the best way to ensure that the right documentation is in place if there is an unexpected and life changing health issue. Awarding power of attorney is also a serious decision, as the person with this power can dispose of property and make important financial choices on another person’s behalf without any further approval.
Deciding on the right kind of estate plan
A will is the most basic document that can distribute property immediately after someone dies. However wills may not be right for everyone due to court procedures, the possibility of will contests, and the chance that an improperly executed will can be invalidated. Florida actually has strict requirements related to witnessing and other procedures that prevent things like hand written wills from being honored in probate courts.
A trust is better than a will for some situations, as long as the testator has a clear vision of how they want their property and assets to be used. The trust can start to pay out and even be changed while the testator is still alive, and continue to do so after the person has passed away.
A complete estate plan may be most necessary for individuals with extensive assets, investments, charitable goals, and family members who will receive inheritance. A combination of other testamentary instruments may be recommended by an attorney to accomplish all estate planning goals.
Disputes between family members
Providing clear guidance related to how an estate should be distributed will often eliminate any controversy. Some families also find that it is best to talk about these issues in person several years in advance, so that there will be no surprises at a later time. Elderly people may want to start meeting with their relatives as they go through the estate planning process to avoid confusion and arguments after they are no longer around. The attorney can also be advised of any special concerns if it seems that a certain family member will not follow the testator’s wishes or take advantage of the situation.
Firm contact info:
850 NW Federal Highway, #1004, Stuart, FL 34994