There are vital things to consider when planning your estate. Estate planning is important for every individual, whether young or old. It is not all about distributing assets to loved ones after your death although this is expected in every estate plan; proper estate planning must also address certain occurrence which may affect your personal and fiscal affairs during your lifetime. Should you become incapacitated due to accident, mental illness or age, you would need someone to manage your fiscal affairs and help make important decisions of your behalf.
A will is an estate planning document by which you can transfer assets to your named beneficiaries after your death. In writing your will, you must consider whom to name as your beneficiaries, what assets or funds they are to receive, and as well name an executor to carry out the instructions on your will.
Requirements for a valid Will
The legal requirements to write a valid will in Miami are consistent with those of other states. They are as follows; the individual must be 18 or older, they must be of a sound mental capacity at the time the will was created, the will must be in writing, it must bear the signature of the testator along with those of at least two witnesses who must be present at the time the testator signs the will, each witness must also witness the signature of the other witness. These requires are however, further subject to the estate laws in Miami at a certain time.
Having a Will vs. not having a Will.
When you pass away leaving a will and estate in Miami, your will and estate must pass through a court process known as probate before the estate can be distributed according to your will. The executor of the will is faced with a lot of legal responsibilities; probate can often be tiresome, costly and lengthy, but having a professional working with you guarantees the smoothest and shortest probate possible. If you have just found out that you were named as an executor, get help in probating the estate by contacting our offices today.
Estate planning would be more relatable when you consider what happens when you don’t have a valid estate plan. It would be right to say that, a person is decides not to have an estate plan, is planning for intestacy and long probate processes. Looking further, when someone dies without a proper estate plan document, in this case, a will, such individual would be said to have died intestate; meaning dying without a will or estate document. The properties of the decedent in this case would be shared though the intestacy laws of the state. Probate are court processes to determine the validity of a will or estate document. This process could be long and discouraging, however, with certain estate document, like a living trust, probate process could be avoided.
Assets that pass outside probate.
Probate process could be very daunting; however, with a proper estate document it can be avoided. Certain assets can be distributed to beneficiary with or even without an estate plan.
Assets like retirement accounts, life insurance deeds are contractual in nature, as such; they are transferred to desired beneficiaries already named in this document.
Also, bank accounts often have payable-on-death clause that allow you name a successor who will get the funds placed in this accounts.
In each case, there’s no need for probate actions in determining how the asset should be transferred. This is because the account already has a legal means by which to transfer to your desired and named beneficiary or successor.
Essential estate planning tips.
- 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 desired and plans are duly implemented.
- Our Miami estate planning 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 the best Miami estate planning lawyer closest to you today.
Our Miami-based law firm is office to highly skilled estate planning lawyers with decades of experience handling estate planning for Miami residents. We understand that every estate and every client is different, and this is why we look meticulously into the estate situation of our client to identify what measures would work best for them. Your peace of mind and financial security is our priority. Contact our offices to speak with a Miami estate planning attorney.