Over 50 percent of all Americans die without a will or plan of some kind. This means that most estates may be in dispute or otherwise encumbered.
Florida has a few unusual resolutions for the tricky business of estate planning.
You can use a trust to:
- Avoid Probate
- Protect your assets
- Turn over control of your assets to someone else
- Transfer assets on your death without hassle
A trust is an exact plan for what you want actions and distributions you want when you die. To carry out a trust, you need to transfer your assets into the trust.
Since Florida is an excellent place to retire, it is not unusual for you to have assets out of the state. Those documents are valid as long as the documents you prepare out of state meet the requirements of the state they originated in.
Penalty clauses are available if you think your relatives might contest your will. Although these penalty clauses are not technically enforceable, it is possible to write your will or trust in a way that ensures your assets go to the people you want them to.
Living wills are prevalent in Florida. The term will is a bit misleading since a living will contains the following:
- End-of-life instructions
- Instructions for withholding medical treatment
- Instructions for medical care
- Provisions for life-prolonging procedures
It has nothing to do with your assets and everything to do with your care.
No matter which of these applies to you, it is extremely important that you do some end-of-life planning to avoid complications that can arise.