While no Florida resident wants to ponder their own mortality, it is still a good idea for even healthy, young adults to have a will prepared. For those with considerable assets, learning about trusts will likely be worth the time. Consulting a professional to learn about trust administration would be beneficial because each person's financial situation is different. There are a few situations, however, where trusts are more needed.

If you own real estate, including the home you are living in, a trust may be beneficial. Any property -- including your home, vacation property or rental/investment property -- will go through probate at the time of death. Many parents decide to add adult offspring as joint owners to bypass probate and trusts, but that usually causes more troubles than it solves because adult children can argue over who is owed what.

A living trust is a good alternative to naming an adult child a joint owner because if the child becomes joint owner, because the Internal Revenue Service may also impose gift taxes and, if the new owner should decide to sell, there could be additional taxes.

Following that, anyone with a large estate or high assets should consider a trust. It could be exempt from federal taxes. In the case of an estate with high assets, the taxes could be considerable.

A trust is also a good way to provide for a family member with special needs or to benefit a charity. A trust is private and not subject to public probate. The process is more complex, but in the interest of those involved, usually well worth the effort.

Source: Forbes, "A Common Sense Approach to Estate Planning," Nancy Anderson, Jan. 19, 2012