Law Office of Mary Alice Gwynn, PA
Wills and Trusts Both Make Useful Estate Planning Tools
Some people may think that having an estate plan is something that only applies to elderly people. However, that is far from the truth. All Florida adults can benefit from estate planning, and while these plans can have personal benefits, they can also benefit surviving loved ones in many ways.
When it comes to making the right plan, many tools are available. In particular, individuals often create wills. This type of document is versatile and can include executor designations, guardian appointments and instructions on how assets should be distributed. Before the instructions can be carried out, the court must validate the document and ensure that any parties nominated to specific roles are suited for those positions. After this validation occurs, the executor can move forward with settling affairs.
In addition to wills, many parties choose to use trusts as well. Revocable and irrevocable trusts are both options, and the type the best suits a person's case may depend on his or her planning goals. For instance, if an individual would like to possibly qualify for Medicaid assistance, it would be wise to utilize an irrevocable trust because the trust cannot be changed or revoked, which looks better to Medicaid officials.
The tools associated with estate planning are somewhat complex because they need to work in ways that allow individuals to include their unique specifications. They are also complex because even a minor error could cause significant problems when the time comes to probate the estate. Fortunately, Florida residents can work with knowledgeable attorneys who understand the nuances of these planning tools and can help individuals avoid mistakes and utilize tools that best suit their needs and wishes.