If you’ve accumulated a lot of assets in Florida, you probably want to make sure that your assets will take care of your loved ones long after your death. However, inheriting a lot of money all at once isn’t always in your loved ones’ best interest. Maybe they’re on disability and would lose their benefits if they received a large inheritance. Or maybe they’re bad with money and would blow their entire inheritance within a year. Whatever the case, you might want to consider setting up a testamentary trust.
When you set up a testamentary trust, you’ll appoint a trustee who can distribute the funds over a period of time. This can prevent the recipient from spending it all at once or being kicked off their disability benefits. Additionally, the beneficiary will have to go through the trustee to get the money; they can’t just withdraw money from it whenever they want. It’s a great way to take care of your family members for years to come.
During the estate planning process, you should choose a trustworthy, responsible person to be your trustee. This individual will be responsible for handling a large amount of money, so you’ll have to trust that they’ll act in the estate’s best interests. You’ll also have to trust them to act in the recipient’s best interests and distribute the money according to your wishes. An estate planning attorney may help you name a trustee in your estate planning documents.
How may an attorney help you plan your estate?
There are many different ways you could plan your estate and distribute your assets. An attorney might help you figure out the perfect plan that benefits your family members and protects them from years to come. Additionally, an attorney may be able to help you avoid estate taxes and other potential issues.