For many people in Pennsylvania, one of the most important inspirations to develop their family wealth is the potential to leave a legacy behind to future generations. In order to make sure that this dream is realized, however, it is important to put in place a plan that makes it possible. This is especially the case for people with substantial assets that they plan to pass on. In addition to developing an initial plan, people need to be prepared to check in regularly, around every three to five years.
Most adults in Florida can benefit from the creation of an estate plan. While many believe that a will is sufficient to meet their estate planning needs, this isn't always the case. For some, a trust will be the more effective tool. This may be especially true for those who want to be protected in the event that they become incapacitated.
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.
When wealthy Florida residents think about their future, they often want their lifestyle to be reflected in their estate plans. In order to accomplish this goal, they often use trusts. These trusts can be used in order to avoid probate court and can contain multiple subtrusts. They are usually revocable while the grantor is alive and irrevocable upon death. While most assets will pass through these trusts, the estate plan may also contain a will to handle certain matters.
Florida parents who have special needs children might want to think about their estate plans in a way that might address the future needs of their offspring. This might require some careful thought and some different types of approaches.