In Florida, estate owners prepare for the effects of their death by starting the estate planning process. The process provides them with the ability to transfer their wealth when necessary. It also enables them to create trusts to protect their assets and properties for their family. The following are details about the services provided by an
Why Does the Owner Need an Irrevocable Trust?
An irrevocable trust is an effective option for estate owners with multiple assets and an estate of a more extensive value. The owner can transfer any asset or property into the trust. Once it is transferred, the owner doesn’t own it legally. However, they retain full control over the asset. The owner can choose a new owner who gains full control over the trust when the original owner dies.
How Can They Control a Trust Fund?
The estate owner can impose provisions on the trust fund when it is established. These may include limits on the value of money distributed each year. If the child is underage, the estate owner can assign provisions about how the funds are used to prevent a caregiver from using the funds unethically. For example, the estate owner may assign an administrator to monitor the trust fund and require receipts for any expenditures.
How Is the Probate Process Reduced?
The probate process is reduced if the value of the estate decreases. The estate owner can also provide an option for settling outstanding debts. This prevents creditors from filing a claim against their estate when the probate process starts.
How Can the Estate Owner Manage Their Health Care?
They can assign a health care proxy who has the authority to make medical choices. If they have a medical directive, it states the owner’s wishes for life-saving procedures. However, a proxy can override this decision.
In Florida, estate owners need asset protection to prevent a financial loss for their family. These practices allow them to remove certain assets from their estate, as well as create legal documents that define their wishes. Estate owners who need these services contact an estate law lawyer in Naples, FL or visit Right now.