Basic Estate Planning includes the following; a Will, Living Will, Health Care Surrogate and a Durable Power of Attorney.
The benefits of having a valid Will are numerable including but not limited to: If you die with assets in your name, and without a will your estate assets are governed by a Florida statute and not your own choice. You do not select your own personal representative, the person to see to it that your will is followed and who collects your assets and settle your estate. If you have minor children who inherit from you by statute, the Judge will appoint a guardian for them and for their estates until they reach the age of eighteen. This person could be selected by you in a Will.
Tax benefits of a Living Trust are for those whose combined estates are more than the federal estate tax “applicable exclusion amount”.
Many people would like to leave part of their assets to a church, ministry or charity and they will therefore, need a Will.