Elements Of Estate Planning
Estate planning is spoken of as one unit but is composed of separate elements. When combined, these units comprise a full estate plan that will serve you and your beneficiaries well. The lawyers at Riddell Law Group have over two decades of experience representing estate planning clients and know the importance of estate planning for both individuals and families.
In a comprehensive estate plan, financial, health and inheritance specifics get documented following Florida state law. Here are some elements of a thorough estate plan.
You want to make sure that your wishes get carried out after your passing, so having a valid will is essential. If you die without a will or your will is not valid, your property will get distributed by a court according to inheritance laws.
With trusts, the legal designation of property and funds combine with tax benefits and the avoidance of probate. That is why, in addition to a will, trusts are an estate planning mainstay. Property is easily transferred to beneficiaries through a variety of trust types.
Planning out your health care wishes in advance of your incapacitation or death is a prudent idea that can also bring peace of mind. A durable power of attorney is a legally-binding directive that enables you to designate an individual that will make medical decisions for you if you are unable to do so. A living will is a legal document which allows you to state your life support preference.
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