Estate Planning and Wills
Estate planning is an essential step for families in Orlando to ensure their assets are distributed according to their wishes after they pass away. It also helps minimize estate taxes and probate costs, making the process smoother for loved ones.
There are several types of estate planning documents that can be used to achieve these goals, including wills, trusts, and powers of attorney.
Wills
A will is a legal document that Artikels how a person’s assets will be distributed after their death. It can also name an executor, who will be responsible for carrying out the wishes of the deceased.
Wills are relatively simple to create and can be modified at any time. However, they do not take effect until after a person’s death, which can lead to disputes if the will is not properly drafted.
Trusts
A trust is a legal entity that holds assets on behalf of a beneficiary. Trusts can be used to avoid probate, minimize estate taxes, and provide for the ongoing management of assets.
There are many different types of trusts, each with its own advantages and disadvantages. It is important to consult with an attorney to determine which type of trust is right for you.
Powers of Attorney
A power of attorney is a legal document that gives another person the authority to make decisions on your behalf. This can be useful in the event that you become incapacitated or unable to make decisions for yourself.
There are two main types of powers of attorney: a general power of attorney and a durable power of attorney. A general power of attorney gives the agent broad authority to make decisions on your behalf, while a durable power of attorney remains in effect even if you become incapacitated.