People in Florida should know that estate planning can be tough on their families. Whenever someone has things to leave to his or her loved ones, there’s a chance that someone will be hurt or feel left out. This can be especially difficult to deal with when there are blended families or stepparents involved. Often, someone would prefer to ensure that his or her partner can stay in the marital home rather than leaving it to his or her child.
Instruments for better estate planning
One common solution used by families is to allow a surviving spouse to live in the house for as long as needed. Then the estate will pass on to the testator’s children after the partner leaves. Not every child wants to respect his or her parent’s wishes when a will is set up this way.
However, it’s wise to support parents in their estate planning efforts. There are two reasons for this. The first is that relationships can be forever while money can come and go. Fighting over an estate before a parent’s death isn’t just tacky, it’s presumptuous. No one knows how expensive elder care may be and how that will affect an estate.
Secondly, criticizing a parent’s decision could lead him or her to write his or her child out of the will entirely. When it comes to distributing property, people have options. For example, a parent could leave the house to his or her partner outright. Or he or she may put the house in a trust and set up a life deed for his or her partner. When that person leaves, whether by death or moving, it would pass on to the testator’s child.
Trusts and wills are complicated but necessary instruments for estate planning. The best way to approach estate planning is with help from an experienced attorney. He or she can help people avoid common pitfalls and errors.