David Howard Goldberg, P.L.

Trusts are an important component of an estate plan

Florida has a large population of older Americans, which should come as a surprise to no one. As they enjoy their golden years in the sunshine state, spending a little time considering the status of their estate plans could be time well spent. A plan does not need to be complex to be effective but there are some basic documents a person should be familiar with in order to be able to formulate a plan to meet his or her needs. These documents include wills, trusts, power of attorney designations and medical directives.

While a will is the document that everyone thinks of in connection with estate planning, the others can further help to ensure that one's final wishes are carried out as intended. A durable power of attorney is one of the most important. It allows the designation of one person who can be responsible for one's legal and financial affairs in the event that a person becomes physically or mentally incapacitated. A medical proxy or health care directive also assists in the event of incapacitation as it authorizes a person to make medical decisions regarding a person's care in accordance with that person's wishes.

Trusts are among the most powerful documents as they allow one to assign responsibility, in the form of a trustee, for managing one's affairs. While a will becomes effective only after a person passes away, power of attorney and trust designations allow for control of one's affairs during life. Granting this permission to another trusted individual can provide peace of mind knowing that one's final wishes can be carried out regardless of the situation.

Facing mortality is one of the most difficult tasks anyone can undertake. No one knows their length of days here on earth, but the fact that those days are finite is known by all. Having a comprehensive estate plan that meets one's needs in Florida might include trusts, powers of attorney and a medical directive and will provide a person the means to enjoy retirement knowing his or her final wishes have been fully accounted for.

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David Howard Goldberg, P.L.
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