The world of high school, college and professional sports is struggling with the use of steroid by some of the biggest names in the game. An athlete on steroids enhances his or her body performance and muscle mass. No need to use steroids to enhance the performance of your estate plan. Living trusts will work just fine.
A “living trust” is the trust category most commonly employed for estate planning purposes. The two main living trust subcategories are “revocable” and “irrevocable.” As the respective terms imply, the Settler may revoke the former type of trust at any point during his or her lifetime. The two main estate planning benefits of living trust establishment include: 1) assuring adequate asset administration in event of the Settlor’s incapacitation and 2) probate avoidance upon the Settlor’s death.
Modern-day medical advances have greatly extended human longevity. It is therefore common for elderly people to be stricken with various debilitating disorders that destroy or severely diminish the mental or physical capacity necessary to manage one’s own affairs. In such instances, a living trust ensures that hard-earned assets are not wasted due to neglect or mismanagement. Just as wills are “paper voices” by which the deceased express their desired asset divisions, trusts are “legal faces” for the administration of living parties’ assets. Avoiding probate is a major strategic estate planning advantage of trusts. Conventional wills must be filed in a court of competent jurisdiction before any property distributions thereon. This process can be lengthy, complicated, and costly. Living trusts eliminate such eventualities by direct asset distribution to heirs upon the Settlor’s demise.
Estate planning is an especially dynamic legal field. New trusts are being devised constantly. Different trusts feature different legal requirements and are designed to serve various purposes. Moreover, individual circumstances change over time that may dramatically affect your ideal estate planning strategy. A qualified lawyer should prepare all living trusts. Indeed, the Florida Supreme Court has decreed that the preparation of living trusts by any party other than a licensed Florida attorney constitutes the unauthorized practice of law. This criminal offense is punishable by fines and/or imprisonment. Consult a competent, qualified estate planning attorney in Florida today. Do not delay taking affirmative steps to secure the best future for yourself and your loved ones another moment.
Less than half of all Florida residents have an estate plan in place yet the death rate in Florida has held steady at 100 percent. The reason for this lapse in judgment is most likely due to a focus on the word “estate” rather than the word “planning.” The two biggest misconceptions made by most South Floridians that lack comprehensive estate planning is that they are either too young to worry about it or not wealthy enough to worry about. However, the fact remains that very rarely is estate planning solely about the money.
For more information on successful Florida estate planning and asset protection techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 to schedule your free consultation. It’s a Wild world. Are you protected?SM