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The potential benefits of an estate plan

| Sep 29, 2020 | Estate Planning |

Creating a will or trust may help you to avoid Florida intestacy laws that dictate where your assets go if you die without an estate plan. In addition to giving you more control over your property after you pass away, it can help you achieve various objectives during your lifetime.

Estate plans can help you provide for a spouse or child

You may be able to leave assets to a spouse, child or other family member through a will or trust. Providing gifts to an adult child, spouse or other individuals may enable you to improve their lives while also minimizing gift or estate taxes after you die.

Designate someone who can manage your affairs

Creating a trust can make it easier to manage your affairs if your become incapacitated. This is because you can appoint a trusted individual to oversee your assets, make sure that bills are paid or take care of other tasks on your behalf. You can also appoint an individual under a power of attorney to oversee your medical treatment while you are mentally or physically unable to do so on your own.

Review your estate plan once a year

There is a chance that some or all of your estate plan could be rendered invalid or obsolete as time passes. Therefore, it is a good idea to review your plan once a year to ensure that it still meets your needs as it is currently structured.

Creating a will or trust are among the basic estate planning steps that may help you gain more control over your assets. An attorney may be able to help you create these plan documents or learn more about the potential benefits of having them.