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Planning one’s estate is an important endeavor, which should not be ignored. It is best to avoid procrastinating on making these decisions. Estate planning in Florida or elsewhere can come in many different forms. One form of asset protection which has seen an increase in popularity is using trusts. This method comes with a variety of advantages and useful qualities.
One advantage of using a trust to protect and diversify assets is that the trust cannot be disputed. This is preferable to a will, which can have its validity challenged. Also, a trust is a more private vehicle of estate planning. Additionally, trusts can either be registered or not. However, registration is mandatory in the instance of immovable property.
Also, an individual is also able to receive gifts through a trust. For example, if a person wishes to give another individual jewelry, he or she can gift it to a trust. There can be either a sole member or multiple members of a trust. This estate planning vehicle will also protect against creditors in the case a person is not able to repay his or her debts. Therefore, if a parent falls into debt problems, his or her children could be safeguarded by the trust.
Before choosing whether or not to utilize trusts as an estate planning vehicle, one should educate himself or herself regarding the legal ramifications of doing so. There are also proper legal procedures to ensure that the trust is created properly. Choosing a method of estate planning in Florida or elsewhere is something to be discussed with family, as well as, a professional if necessary.