Florida Wills & Trusts: What They Are and Why You Should Get One
Putting a will or trust in place is an important step in Miami estate planning, especially if you are a parent. A will is a document that outlines your wishes for how your property should be distributed after you die. A trust is a legal entity that can hold assets on your behalf. There are several reasons why you might want to get a will or trust, including to:
- Ensure that your property goes to the people or causes you care about.
- Minimize conflict among your beneficiaries.
- Reduce the amount of taxes and other expenses related to distributing your property.
- Support a minor child or someone with special needs.
Estate planning in Miami, is important for everyone, whether you have a lot of assets or just a few. If you die without a will or trust, state law will determine how your property is distributed, which may not be in line with your wishes.
The first step in creating a will or trust is to find a good Miami estate planning lawyer, like Joe Pujol who understands the ins and outs of Florida wills and trusts. He will help you to take inventory of your assets and debts. This will give you an idea of what you need to include in your plan. Next, decide who you want to receive your property and how much they should get. You also need to appoint someone to carry out your wishes, known as the executor or trustee.
This person will be responsible for ensuring that your instructions are followed and dealing with any issues that come up. Choose someone you can trust to handle this important task.
Here’s a list of what can be placed in a will and trust.
One of the most common things people include in their wills and trusts is cash. This can be helpful for loved ones who may need assistance with expenses after your death.
2. Personal Property
Personal property can also be included in wills and trusts. This can include items such as jewelry, furniture, or even vehicles.
3. Real Estate
Another common asset that people include in their wills and trusts is real estate. This can be helpful for loved ones who may need a place to live after your death.
4. Stock Portfolios
Many people also choose to include stock portfolios in their wills and trusts. This can provide loved ones with a source of income after your death.
5. Business Interests
Business interests can also be included in wills and trusts. This can be helpful for loved ones who may need to continue running your business after your death.
6. Retirement Accounts
Retirement accounts are another common asset that people include in their wills and trusts. This can provide loved ones with a source of income after your death.
7. Life Insurance Policies
Life insurance policies are another common asset that people include in their wills and trusts. This can provide loved ones with financial security after your death.
8. Educational Funds
Many people also choose to include educational funds in their wills and trusts. This can help loved ones pay for college or other educational expenses after your death.
9. Charitable Donations
Some people also choose to make charitable donations in their wills and trusts. This can be a way to give back to causes that were important to you during your lifetime.
10. Specific Instructions for Children
Parents will often include specific instructions in their wills and trusts regarding how they would like their assets to be used after their death.
By taking the time to do this now, you can ensure that your property goes to the people or causes you care about, minimize conflict among beneficiaries, reduce expenses related to distributing your property, and support a minor child or someone with special needs. Talk to a Miami estate planning lawyer today to get started on putting a plan in place for yourself and your loved ones.