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Having a definite plan for the future can bring you both tangible security and peace of mind for the coming years. This includes not just the steps that you can take to ensure the smooth transfer of property to heirs after your death, but it can also involve the movement of assets before that time as well as immediate tax benefits for you.
A variety of estate planning documents could help ensure a person’s long-term goals are met, including wills, trusts, powers of attorney, and business succession plans. Everyone’s needs are different, as an experienced attorney well knows. A Plantation trusts and estates lawyer at our firm is prepared to discuss your specific goals, the options available to achieve them, and take the lead in drafting the legal documents needed to create a robust estate plan for your future.
Most people’s imaginings about estate plans involve controlling what will happen after their death. This is indeed a major part of this process. Every comprehensive estate plan should give a total accounting of an individual’s assets and what they want to happen to them after they pass on.
To this end, a Plantation estate planning attorney can help people evaluate their end-of-life needs. This could include forming a will that covers the entirety of a person’s estate. In addition, more flexible options such as trusts and business succession plans are also vital tools in providing the most straightforward distribution of property to heirs.
The goal of estate planning for a person’s end of life is to shorten and simplify probate. Probate occurs after the death of all people with assets and is the sole legal process for determining the property rights of heirs. Having a thorough estate plan can limit the impact of probate as well as avoid the distribution of assets through intestacy, as described in Florida Statutes § 732.102, 732.103, and 732.104.
While an estate plan can provide instructions for what happens after an individual’s death, it can also help you to live a more comfortable life in the coming years.
Many documents that are the product of estate plans can bring tangible benefits. For example, placing property into a trust can reduce your tax burden or help you become eligible for government benefits. At the same time, business succession plans and advance medical directives could help you retain control over your assets and health if an illness or injury results in your incapacitation. An estate planning attorney in Plantation can provide more information about how their services can bring peace of mind and stability in the face of the unforeseen.
The core of any effective estate plan is a will. Wills inform the probate court as to what a person wants to happen to their assets after their death and who they nominate as an executor of their estate. To be effective, a will must conform to the rules of construction present in Florida Statute § 732.502. This requires the testator to sign the document in the presence of at least two other witnesses who must also sign the paperwork. A Plantation trusts and estates attorney is prepared to take the lead in forming wills to ensure their legal accuracy.
Modern estate planning techniques require an examination of a person’s full catalog of assets and their plans for that property. While a will forms an essential part of these plans, it is far from the only viable option for people seeking to secure their futures.
Trusts have become far more popular over the past few decades, due to their tax-free nature. These allow for the transfer of property between parties at any time, not just upon a person’s death.
People who hold significant business assets may also want to consider a business succession plan. These can leave instructions for a company’s board of directors, nominate a successor to a leadership role, or transfer business holdings to specific heirs.
Powers of attorney can be extremely valuable. The maker can empower another person to take control over the important decisions in their lives. This can help with the sale of property or the receipt of important government benefits.
A Plantation trusts and estates attorney can help individuals evaluate their specific needs concerning estate planning and determine what documents may be most beneficial.
It is never too early or too late to form or revise an estate plan. These collections of documents can inform courts as to your wishes after your death, promote your vision about the future of your company, or provide for the long-term financial security of friends or family members.
Talking with a Plantation trusts and estates lawyer can help you identify your needs and recognize which legal documents can make these needs a reality. They work with people like you to locate assets, identify topics in need of attention, and draft documents that provide both short and long-term protection. Reach out to All Florida Real Estate Lawyers now to schedule a consultation.
