One of the primary goals of creating an estate plan is establishing a strategy that allows one to decide what happens to personal property after passing. It is common for an individual to want to pass his or her Florida estate to children or grandchildren, and many assume the best way to do this is simply by leaving assets to a specific person through the terms of a will. However, there may be more effective ways to pass assets to an heir.
The ideal estate planning strategies
The right way to leave assets to an heir in an estate plan depends on the individual situation. While it is possible to pass property to an heir through an estate plan, there are limits to what this document can do. One potential drawback is that probate will be required for all assets passed through a will. This can be complex, lengthy and stressful for heirs.
There are other estate planning tools that may be used in conjunction with a will that may allow one to pass assets more effectively to an heir. For example, a trust allows someone to set aside and protect assets for a specific use in the future. Another way to ensure assets end up with the right person is through joint ownership.
Accomplishing one’s estate planning goals
There is no one-size-fits-all solution to estate planning concerns. If passing assets to a specific person is an important goal, it is beneficial to speak with a Florida attorney regarding the most effective way to do this. An assessment of the individual estate and objectives may provide insight regarding how to accomplish individual goals.
