Central Florida Estate Planning
Importance of Estate Planning?
Less than one-third of all citizens of the United States die having made and signed a will- the written declaration of a person’s intended distribution of property after death. That means that the vast majority have no say in the way the property they have accumulated over a lifetime will pass after they die. No matter how young or old we are, everyone owns property of some sort, and most individuals want to determine to whom this property will pass after they die.
Execution of a Valid Will
The writing and signing by the testator and the attesting and signing by two or more witnesses of the will to establish its validity.
What is the Purpose of a Will?
The primary function of a will is to allow individuals to distribute their property any way they choose. A will gives the testator the opportunity to accurately describe the property owned at death and to designate to whom that property is to be distributed.
Funeral and Burial Arrangements?
One reason to make a will is that it provides an opportunity to preplan one’s funeral and burial. After planning the funeral with a funeral director and purchasing a burial plot, a testator can infert these plans into the will and make them known to family members. Preplanning the funeral and burial takes heavy burden off the grieving family, both economically and emotionally, that alone is worth the expense of the will.
Appointment of Guardians?
With a will, a testator can appoint guardians for minor or incompetent persons. guardians appointed by the court are either personal guardians or property guardians. Both guardians are a type of fiduciary, a person in a position of trust who controls and manages property exclusively for the benefit of others.
WHAT IS A TRUST?
With a will, A testator can create a testamentary trust. A Trust is a legal agreement in which one person (the settlor) transfers legal title (ownership) to one or more persons (the trustee or trustees) who hold and manage the property for one or more beneficiaries who receive the equitable title that gives them the right to the benefits of the trust.