People in Florida should consider creating an estate plan even if they think they are too young for one. Without an estate plan, a court may make a decision about how a person’s assets will be distributed along with who will care for their children. A court may also decide who can make financial decisions on an individual’s behalf if the individual is incapacitated.
A guardian for minor children can be named in a will. People should make a list of their assets and consider whether they have enough to support dependents. If not, they may want to consider getting a life insurance policy and disability insurance. They should also consider who they want to be beneficiaries for their assets. This might include a spouse, children, parents, siblings, friends and charities. It is best to name contingent beneficiaries in case one dies, but people should also review their estate plans when there are family deaths, marriages, divorces and births. In the absence of family changes, they should still be reviewed every few years.
As part of the estate plan, people should appoint an executor or an estate administrator to manage the estate. If the person has a trust, they will need a trustee. They may also want to appoint someone to make health care decisions.
Individuals may want to consult an attorney to assist them in creating the estate plan. An attorney might be able to advise as to whether a will or a trust might be the best main vehicle for the estate plan based on the individual’s situation and goals. For example, a trust could be useful for making charitable donations, protecting assets or controlling when distributions are made. It is also more private and passes assets directly to beneficiaries instead of going through probate.