Those who are going through the estate planning process in Florida should understand that a beneficiary designation trumps a will. Typically, retirement accounts are transferred through a beneficiary designation, and the same can happen with other assets as well. While it is relatively easy to create such a designation, it is also relatively easy to make an error while doing so. For instance, leaving an asset to a minor may not be the best idea.
This is because minors cannot control an asset on their own. Instead, an adult would need to be named to manage it until the child turned 18. Those who have special needs could lose access to government benefits if they are allowed to inherit an asset directly. Therefore, it may be best to put an item into a trust that will be overseen by whoever an individual trusts most to do so.