Estate planning is a very common practice. It is all about the distribution and management of the estates of a deceased or an individual who is incapacitated. This planning is done so that one’s wish is fulfilled upon his demise. Estate planning is mainly carried out to protect your family and those you care about when you leave this world.
Most people aren’t aware of what estate planning really is or how it works. For some, it is all about drafting a will. Estate planning is not just about drafting a will that contains how one’s properties is to be shared among the designated beneficiaries. Several assets can constitute an estate. These assets could be cars, jets, houses, pension, stock, etc.
When you plan your estate, you are directly planning for the future of your children, surviving spouse and those you love. Failure to plan your estate while alive may be terrible for your family. Estate planning also offers you the opportunity to express your wish towards the distribution and the management of all that you own (your assets).
If you fail to plan your estate while alive and you kick the bucket eventually, your assets or properties will be shared and managed by the state government. This process is often not a straightforward one. It is costly and time-consuming. If you don’t want to put your family through lots of stress after your demise, make necessary plans to plan your estate while alive.
A will is a very important legal document of estate planning. You will need to draft a will if you want your assets to be shared based on your wish. Without a will, an estate plan isn’t complete. This legal document is that which states the assets of the deceased, how each will be shared, including whom it will shared to.
A will basically contains your wish on how your estate is to be shared. Some people believe that estate planning begins and ends with the drafting of wills, this is so not true. In fact, estate planning is more than writing wills.
Written in the will is the name of an executor. The executor could be anyone from a trusted friend to a relative, etc. The job of an estate executor is to ensure that the wish of the deceased concerning his assets are fulfilled. It is therefore safe to say that an estate executor acts on behalf of the estate owner. Other duties of an estate executor ranges from locating all unpaid debts and taxes of the decedent and making efforts to see that they are outrightly settled. As stated, he is also charged with managing the estate.
When an estate owner dies, his will undergoes probate. Probate is carried out on a will to determine its authenticity. It is done to ensure that the will was actually written by the owner without duress. The probate process is often dreaded by most people because of several reasons. This process can be long, though this depends on the circumstances surrounding the estate
Estate Planning Attorney
Planning an estate can be a stressful process. To ensure that your estate plans don’t flout any of the state laws regarding estate planning, you have to contact a professional, one who is quite conversant with estate planning and the estate planning laws of the state you reside in.
If you reside in the city of Miami and you need help regarding the planning of your estate, you can contact an estate planning lawyer in Miami. Always ensure that whoever you hire, is competent and trusted.
Estate Planning Attorney Fees
Estate planning attorney fees varies and depends on several factors such like the type of plan needed and the billing method of the attorney. Other factors are the experience level of the attorney, the state the plan is being created, the complexity of your estate plan, including the value of all that you own (your assets or estate).
Also, the cost of hiring an estate planning attorney hinges on the location, fee arrangement, the expertise of the attorney, etc. Generally, you will need from $200 to $2,000 to hire a state planning attorney, though this depends on the circumstances surrounding your estate.