The world has never been more concerned about their estate and properties. One way to ensure safety of your assets, desired beneficiary and lastly your medical and financial statute, you need an estate plan. Estate planning is a very common word which you find on the lips of people with an estate. Estate planning involves plans regarding how the assets or properties of a deceased person will be distributed, managed and preserved. It also involves the management of the deceased properties including financial commitment, should they become incapacitated. The assets that constitutes a person’s estate are cars, houses, jewelries, pensions, etc. Upon the death of the individual, these assets are shared according to his or her wish which will be documented in a will.
Debunked myth on estate planning
Some years back, there was the misconception that estate planning was meant for the rich. That is not the case. Estate planning is for everyone, the poor and the rich. Individuals make estate plans for lots of reasons. It could be to preserve their family wealth, to provide funds for their families and loved ones when they die, to fund the education of their children. One mistake you shouldn’t make while alive is the mistake of failing to plan your estate. You never know, tomorrow you may be no more. If you die without planning your estate, your properties will be shared by the state government. This process can be ugly, long, and very expensive. You wouldn’t definitely want those you left behind to go through such after having to deal with your demise. Contact our estate planning lawyer in Miami. These professional estate attorneys are near you to provide the right guide and foundation to make your estate plans.
Estate planning documents
Last will and testament.
A will is a very important estate document. A will indicates those who are to benefit from your assets. It contains all that you own, names of the designated beneficiaries, including what you want each of the beneficiaries to get. When you are gone, you will need someone to ensure that your wish regarding your estate is fulfilled. Thus, you need an estate lawyer. Last will usually go through probate to determine the authenticity of the will. Sometime, foul play are often present in the drafting of a will. The designated executor won’t be able to carry out his duties until he or she is legally certified by the probate court.
Living trust are essential estate document. There are several types of trust and each represent a significant purpose, but the most common types are the revocable and irrevocable living trust. The revocable and irrevocable living trust perform the same function but operate in a slightly different manner. The revocable living trust permit change and flexibility of the trust. You can remove particular assets or change the named beneficiary in the trust. However, the irrevocable living trust cannot be undone. Once the assets has been transferred into trust it cannot be changed. This type of trust is effective in reducing excessive estate taxes. A revocable trust usually turns permanent or irrevocable upon the death of the trust maker.
Estate planning document for disability and Incapacity
As one gets older, there is the fear of becoming incapacitated due to age or terminal disease. Accidents can also render one disabled and incapable of handling their affairs. In such a situation, one would need a trusted agent to look after their affairs on their behalf. Estate document for disability and incapacity are:
Financial power of attorney: this document allows you appoint an agent to handle your fiscal affairs and make financial decisions on your behalf when you become incapable to do so yourself.
Healthcare power of attorney: also known as advance medical directive, this document allows you to appoint an agent to make healthcare decisions on your behalf when you become incapable to do so yourself.
Retirement and Medicaid
Our estate planning attorneys are also highly knowledgeable in Elder Law, and will work with you to know the most suitable retirement plan that befits you while keeping you eligible for benefits meant for the elderly. Your attorney will help you apply for Medicaid and Medicare if you so desire.
Contact Miami Estate Planning Lawyer
Estate planning can be a tough task, depending on how you want your estate to be planned. Ever more complicated is planning it all by yourself. To ensure that your estate is well planned, it is best you contact a professional, one who is quite conversant with estate planning and the estate planning laws in Miami.
If you reside in the city of Miami and you need help regarding the planning of your estate, you can contact our estate planning lawyer in Miami.