Florida recognizes the validity of spendthrift provisions in trusts created for the purpose of benefiting an intended beneficiary. Normally, a beneficiary who is subject to a spendthrift provision is one that is unable to handle his or her money appropriately. There are certain exceptions to the protection that a spendthrift trust may afford, however.
While many people associate writing wills in Florida with aging, the reality is that some types of wills can be useful at any age. Although younger people are less likely to overly concern themselves with the possibility of death, accidents and terminal illnesses have little regard for age, and it may someday be necessary for someone else to make decisions on a young person's behalf. Living wills can be beneficial in such circumstances.
Florida residents may know that setting aside time to structure a viable estate plan allows an individual to provide security for his or her loved ones. It's important to plan for others to handle one's affairs in the event that one is incapacitated or dies.
Some residents of Florida may be concerned about what will become of their assets after their death. Although this can be a difficult question for some families to consider, doing so responsibly can help to mitigate the chance of further complications for one's beneficiaries in the future. Probate is one such potential complication, and it can be an expensive process for one's intended beneficiaries to undergo. However, many people are unaware of how probate can come into effect and what assets may be subject to it.
After the whirlwind of marriage is over and the dust is settled, most newlyweds in Florida turn their attention to planning for their future. While this often involves financial planning geared towards savings, purchasing a home, career advancement and children, estate planning is also an important component that should be addressed.