Planning for the future is about more than writing a will on a piece of paper. It can cover all aspects of your life for major milestone moments like marriage, children, or even divorce. Estate planning with the help of a wills attorney will help you navigate legal complexities with confidence.
Here’s why working with an experienced attorney is one of the best steps you can take to secure your future:
1) Compliance with State Specific Estate Laws:
Each state has its specific legislation around the wills and probate process. Enlisting the services of an attorney that is familiar with your state’s regulations will help ensure that the transition of “life with you to life without you” is somewhat easier on your loved ones.
2) Avoiding Probate Issues and Delays:
During the probate process, the court will supervise the administration and distribution of an individual’s assets following their estate plan. Without an estate plan prepared, the process can be time-consuming and costly. These costs are deducted from the estate along with any taxes due. The longer the process takes, the less of your estate there is to distribute to your loved ones.
3) Minimizing Estate Taxes:
Florida has no state inheritance or estate tax, but Federal tax legislation may come into effect. This is dependent on the value of your estate. If it exceeds the federal exemption threshold, your estate will be taxed accordingly. There are ways that your estate planning attorney can assist you with this process such as:
- By making use of gifts
- By making charitable donations to registered organizations
- By setting up an irrevocable life insurance trust to help reduce the overall taxes your estate may need to pay
4) Protecting your assets and beneficiaries:
Crafting an estate plan alongside an attorney will ensure that you can protect your assets from creditors, lawsuits, and even irresponsible spending. Your lawyer will be able to assist you in setting up various countermeasures to ensure that your assets are not squandered. This can be done by setting up protective measures including:
- Setting up spendthrift trusts to ensure that beneficiaries who struggle with money management aren’t misusing their assets
- Ensuring the protection of beneficiaries that are minors and that their guardians do not take advantage of their trusts
- Safeguarding business assets by establishing a succession plan ahead of time. This will include details such as who will inherit the business and how it will be managed
5) Planning for Incapacity:
While you may be able to prepare for death with an estate plan, it’s important to prepare for the unexpected. It’s good to have a plan in place should you be in a situation where you are unable to make decisions for yourself. Your lawyer will be able to help you with the following:
- Designation of a healthcare surrogate who will make medical decisions for you
- Providing a trusted individual with your durable power of attorney. This will let them manage your legal and financial matters if you can’t
Services A Wills Attorney Can Help Me With
Basic wills and online DIY kits are not enough to cover the extent of the probate process. It doesn’t take into consideration the complexity that some families face. This includes step or blended families, sudden incapacitation due to an accident or illness, and the like. There are a few things that an experienced attorney will discuss with you while preparing your estate plan and they can also help you with the following:
- Ensuring Clarity in Your Estate Plan:
A wills attorney can draft your will to ensure everything is clearly outlined, leaving no room for misinterpretation. This helps reduce potential family disputes by making sure your beneficiaries are clearly identified, along with their specific share of your assets. Your attorney can also help you update your will to reflect significant life changes. Additionally, they will assist in choosing the precise language, as even small wording errors or omissions can cause delays in probate if anyone contests your will.
- Establishing Trusts:
Trusts are a common tool used to protect assets – there are different types of trusts that can be used depending on the specific situation and what you would like to gain from it.
- Designate Your Account Beneficiaries:
There are certain policies or accounts which allow you to name the beneficiary of your account. These can include retirement accounts, your bank accounts, and even your life insurance policy. However, you need to ensure that this is kept updated just in case things change within your familial unit and a wills attorney can ensure that these designations align with your overall estate plan, reducing the need for probate.
- Preparing a Transfer-On-Death-Deed (TOD):
In Florida, with a TO, you are allowed to name a beneficiary to receive property or assets without going through probate. This process can be complex but with the help of an attorney to draft this deed, it is one way to ensure that the correct person receives what you would like them to. Your attorney will also ensure that this TOD aligns with your will and estate plan.
Consulting A Reputable Wills Attorney In Coral Springs
Estate planning is a complex process, and consulting a wills attorney can help provide you with peace of mind by ensuring your assets are protected, your beneficiaries are provided for, and your wishes are honored. With a professional guiding the way, you’ll have a comprehensive estate plan that meets legal standards, reduces taxes, avoids probate, and secures a brighter future for your loved ones.
Whether you’re starting from scratch or revisiting an existing plan, an experienced wills attorney can be an invaluable partner in safeguarding your legacy.
Contact us today at 954-796-9600 to find out more about the wills and trusts legal services we provide.