People in Florida might think often about how best to ensure that their assets are distributed properly and maintained after their death. In order to do so, estate planning instruments like wills and trusts can help create the structure that governs the passing of these precious assets. Developing these documents is critically important when seeking to ensure that one’s estate is protected rather than wasted. However, there are always a number of concerns and personal needs to keep in mind in order to ensure the best outcome for a person and their family.
When going through the estate planning process, people often create different frameworks for their minor heirs and adult heirs. Trusts are commonly set up to govern gifts to minors in order to ensure that the children’s interests are protected and that an adult decision-maker is managing their funds in their interest until they become adults or reach a certain age. However, trusts aren’t only beneficial for gifts to minors; trusts can also be an extremely useful mechanism to transfer assets to an adult child or other beneficiary.
Most adults are not skilled financial managers. When assets at stake are substantial, setting up a trust can ensure that the funds are managed by a knowledgeable professional. Trusts can also help the assets to last over a more substantial period of time; when an adult beneficiary is prone to spending excessively or has habits that can easily consume a great deal of money, trusts help maintain their income while keeping enough money in reserve to continue to provide support over time.
For people thinking about the next steps for their property, working with an estate planning lawyer may help individuals to develop a clear vision. An attorney might draft the required will and trust documents as part of an overall estate planning and management strategy that helps to maintain the estate and benefit the heirs as intended.