You may think you have all the protection you need because you have a will or you have the necessary estate planning documents in place. While it is prudent to have an estate plan, even if you are not wealthy or have a large estate, that may not be all you should do. It is beneficial for everyone who has a plan to carefully review all aspects of it to ensure there are no mistakes or issues that could cause problems later.
One of the benefits of a revocable living trust is that it allows the assets funded within it to bypass probate according to the instructions left within the trust. Whereas probated assets may linger in the process for up to a year, trust administration may be settled within a month or two, barring any complications. Some of the factors that may complicate a Florida will going through probate may also complicate a trust after the death of the trustor.
A power of attorney can be an important and powerful document. When people sign these documents, they are giving someone else control over their legal and financial decisions. This may seem like a risk, and that is why many in Florida hesitate to include a power of attorney in their estate plans. However, it is also an essential protection in case they become incapacitated and unable to manage their finances on their own.