What You Should Know About Estate Planning

What You Should Know About Estate Planning

Estate planning is the act of preparing a transfer of a person’s wealth, assets and debts after their death.  Life insurance, pensions, cars, real estate, personal belongings and any obligations that person has at the time of their death are part of their estate.  To be admissible in court; estate plans must be written up, signed and notarized, all with the estate owner’s knowledge and consent.

Some instruments that are used in estate planning are Will, trust, living Will, applicable probate laws, etc.  A Will is used in the transfer of property to avoid the burden of taxation.  With a Living Will, a person can have their intentions carried out if they are in a coma or otherwise incapacitated and technically alive.

A trust can supplement or even replace a Will as an instrument of estate planning in Jacksonville, FL.

A trust can be created only to the extent the purposes of the trust are lawful.  They cannot be contrary to public policy and must be reasonable and possible to achieve.  The trust and its terms must benefit the beneficiaries.  For a trust to be legal, these standards must be met under Florida trust laws.  A trust can be created for charitable purposes.  It must relieve poverty, advance arts, science, education or religion or it has to promote health, governmental or municipal purposes.  A person can also create a trust for the care of an animal(s), it terminates when the last animal dies.

Finnell, McGuinness, Nezami & Andux PA serves clients in Jacksonville, St. Augustine, Green Cove Springs, Ponte Vedra, Duval County, St. Johns County, Clay County, Nassau County, Flagler County and the entire Northeast Florida area.

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