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Estate planning has a reputation as being a process you only need to think about later in life. However, it is never too early to make plans for what will happen to your assets after your death or how to live a more comfortable life in the coming years. Unfortunately, an unforeseen injury or illness may leave you unable to properly articulate your wishes. Having an estate plan in effect is the best way to retain control.
Talking with a Davie trusts and estates lawyer today can be the first step toward securing your future. The dedicated attorneys at All Florida Real Estate Lawyers can help to identify your goals and areas of current vulnerability. We can then recommend the steps that you need to take to address those areas of concern and draft documents according to your wishes to form a comprehensive estate plan. Reach out today to get started.
Many people who create an estate plan do so with the intention of protecting their property and assets in the future. For many, this includes creating a will that informs a probate court about their wishes for which parties will inherit these assets. For others, it can involve creating a trust that transfers property to another at a set time in the future.
There are a few key things to recognize about how property moves through estate plans. An estate plan must account for every portion of property that you own. Failure to do so could see a probate court using the state’s intestacy laws under Florida Statutes § 732.102, 732.103, and 732.104 to distribute property to heirs along familial lines.
In addition, recognizing how wills and trusts differ in distributing property is critically important. A will only has a legal effect upon the testator’s death. By contrast, a trust can order this movement at any point in the future. This can occur in one instant or in installments. Talking with a Davie estate planning attorney can help you craft estate plans that best fit your wishes for the distribution of property.
Controlling asset movement is not the only purpose of an estate plan. It is also possible to bring more immediate benefits that can help you live a more comfortable life in the future.
A popular tool to achieve this outcome is a trust. A person who places property into a trust no longer needs to pay taxes on those items. This can save thousands of dollars every year. In addition, placing property into a trust can help you receive certain government benefits, like Medicaid.
Estate planning can also serve as a way to retain control over your immediate future. If an illness or injury leaves you unable to make your own medical decisions, having a living will in place can help inform doctors about your wishes. It is also possible to empower others to make key decisions about your life through powers of attorney. Consulting with a Davie estate planning attorney allows people to recognize their needs and create documents that help them remain in control over their lives.
Having a comprehensive estate plan is vital for all adults. These plans not only inform a probate court as to how you want your property to move after your death, but they can also come with immediate financial benefits, help you retain control over future medical care, and empower others to make important decisions on your behalf.
People seeking to form or update an estate plan should reach out to a Davie trusts and estates lawyer now. The All Florida Real Estate Lawyers are ready to meet with you to discuss your goals and form a plan that helps you to provide for your family and live a more comfortable life.
