There are several estate planning options that would easily facilitate the implementation of your life plans. However, consulting an estate planning lawyer near you in Fort Lauderdale would good greater good. The list of major estate plans include, last will and testament, durable power of attorney, advance medical directives, revocable and irrevocable trust.
Last Will and Testament
A Last Will and Testament is a document on which you spell out your wishes concerning the disposal of your assets after death. Your Will is a highly important estate planning document, and as well the most commonly used. Last will is perhaps the most documented estate plan. With a last will you can solely direct who take inheritance of your possession when you die. Also, should in case you have minors, the last will can contain names of guardian and the type of guardianship you want for your children. Your attorney can help you draft a Will that specifies the amount of money or asset that will go to each of your loved ones. Note that your will must confirm with the estate laws of Fort Lauderdale to be effective. Also, your assets addressed on the will must pass through the court process of probate.
A living trust or a trust is another powerful estate planning document by which you can transfer assets to beneficiaries. With a trust, you can transfer assets during your lifetime and immediately after your death without your loved ones having to go through probate. There are two types of trusts, named revocable living trust and irrevocable trust. The revocable living trust, also known as a revocable trust or living trust, allows you hold assets more freely that an irrevocable trust. Your estate planning attorney will advise you on what tool best satisfies your wishes. Living trust can covers three phases of one’s life: when you are alive and well, when you become mentally incapacitated and lastly after you die. Through a documented living trust, you can decide who handle you medical and financial decisions. You can also transfer your assets to a living trust. The advantages of having a living trust aside a will is enormous, as the trust document does not require probate to implement transfer of asset.
Durable powers of attorney
By establishing durable powers of attorney, an agent will step into your shoes to make important decisions on your behalf when you become incapable of handling your own affairs yourself. A financial power of attorney appoints an agent who will take over your fiscal duties during disability or incapacity, while a medical power of attorney appoints one to make healthcare decisions on your behalf.
- Personal representation are vital to the implementation of estate plan.
- Your personal representation would ensure that your desired beneficiaries gets your estate.
- Once involved in your estate plan, Fort Lauderdale estate lawyer would ensure that no family feud come up when administering your estate.
- Estate plans can be made to reflect and implement your mid, short and long term plans. However, you can speak with an estate planning lawyer to know suitable documents that would reflect these plans.
- Since estate plans are made in preparation for any uncertain life occurrences, you need the right lawyers to ensure your desires and plans are duly implemented.
- Fort Lauderdale estate lawyers would guide you through any probate process. Also, the estate lawyer can step in a play the role of the executioner of your estate plan.
- The living trust is an essential estate document. While other estate document such as last will may go through probate before it can be implemented, the living trust allows transfer of assets without any probate process.
Contact a Fort Lauderdale Estate Planning Lawyer
Our estate lawyer are the best candidate to represent you in the establishment of your estate. If you reside in Fort Lauderdale and you need help regarding the planning of your estate, and also a personal representative, contact our estate planning lawyer in Fort Lauderdale.
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 Fort Lauderdale.