Estate Planning
Contact UsIn addition to a will, you may choose to include a trust as part of your estate plan to gain greater control, privacy, and flexibility over how and when your assets are distributed. A trust is a legal arrangement involving three key parties: the settlor (or grantor), who creates the trust and places assets into it; the trustee, who manages the trust according to its terms; and the beneficiaries, who receive income, property, or other benefits from the trust.
There are several types of trusts, each serving different purposes. Testamentary trusts are created through a will and become effective upon death. Living trusts, which can be revocable or irrevocable, are created and take effect during the settlor’s lifetime. Special needs trusts are specifically designed to support individuals with disabilities without jeopardizing their eligibility for government benefits.
Trusts offer many advantages, including avoiding probate, protecting assets, providing long-term care or financial support for minors or dependents, managing business succession, and potentially minimizing estate taxes. Including a trust in your estate plan can offer peace of mind and a more structured approach to preserving your legacy.
Central Florida Estate Planning
A Last Will and Testament is the cornerstone of most estate plans. It is a written legal document that outlines your wishes regarding the distribution of property, guardianship of dependents, and final arrangements. For a will to be legally valid in Florida, it must be written and signed by the person creating it (the testator), witnessed and signed by at least two competent individuals in the testator’s presence, and clearly express the testator’s intent regarding the distribution of assets.
A properly drafted will serves several important functions. It allows you to distribute your property and assets according to your wishes, rather than defaulting to Florida’s intestacy laws. You can name specific beneficiaries for particular assets or personal belongings, appoint guardians for minor children or dependents, provide instructions for your funeral and burial, and even establish testamentary trusts to manage assets beyond your lifetime.
Incorporating Trusts into Your Estate Plan
At The Law Office of Mandy Pavlakos, P.A., we help individuals and families throughout Central Florida plan for the future through comprehensive and compassionate estate planning services. Whether you’re just starting your career or preparing for retirement, creating a well-structured estate plan ensures your wishes are honored, your loved ones are protected, and your assets are distributed according to your intentions.
Creating a Valid Will in Florida
Shockingly, less than one-third of Americans have a valid will in place, leaving the majority to rely on the default laws of the state to determine how their assets are distributed—without any personal input. Regardless of age or financial status, if you own property, have personal belongings, or care for dependents, having an estate plan is essential. Estate planning allows you to maintain control over how your assets are distributed after your death, who will care for your minor children or dependents, what happens to your business or property, and your funeral and burial wishes. It also helps reduce potential disputes or confusion for your loved ones during a difficult time.
Why Is Estate Planning Important?
Funeral and Burial Planning
One often overlooked yet important reason for creating a will is the ability to preplan your funeral and burial arrangements. Including these instructions in your estate plan provides significant peace of mind for both you and your loved ones. It relieves your family of emotional and financial burdens during an already difficult time, ensures that your wishes are clearly communicated and respected, and allows you to coordinate plans with a funeral director or secure burial plots in advance. Thoughtful preplanning is a final act of care that can ease the path for those you leave behind.