Estate planning is a vital part of every one’s life. As such making proper plans is required. A good estate plan contain laid out information of decisions on what you want done to your assets and how you want them passed after your death or even during your lifetime. Through estate planning, your assets can be protected from creditors and tax liabilities. This is just a few of many things you can achieve through a good estate plan.

Here are few steps on how to make good estate plans.

Calculate your Net worth.

To be sure on what you are making estate plans on, you need to know the value of your assets. This is the very first step to make a good estate plan. To know your net worth, add up the values of all your assets, also include, investment, saving and retirement accounts and personal properties then subtract all from your liabilities such as credit card debt, loans and mortgages.

Think about your family and personal need for an estate plan.

You don’t need to be billionaire to make estate plans. No matter your financial situation, you need to need plan on what you have. However, you should consider the estate plan suitable for your family as well as financial needs. If you have properties in one or more states, or have complicated family relationship, whether divorced or remarried, you need to consider all these to making a good estate plan. Probate is a very long process, and without proper estate document, it could be worse.

Plan and determine if you need a will or a living trust.

Once you have known your family and financial needs for an estate plan also your estate value, you need to consider making proper estate document. A will and a living trust are two essential estate document for assets protection. A will states how you want your estate distributed while you are no longer alive. Living trust does the same; however, it could be used to transfer ownership and control of your estate to a trusted individual while you are still alive. An estate lawyer would advise you on the best estate document to fit your estate plan.

Create a disability plan.

Making plans for when you become mentally or physically disabled is vital. Your estate plans would not be complete without ensuring that your estate is safe even when you become unable to manage them yourself. Estate document such as power of attorney, advance medical derivatives and Medicaid plans help propagate your disability plans. A good disability plan prevents court supervised guardianship.

Fund your revocable trust.

After speaking to an estate lawyer and you get the nod to include a revocable trust in your estate plan. The next thing to do is fund the trust. This mean that you would be adding assets you wish to transfer to a desired beneficiary. Without this, all your labor of creating a proper estate plan might go to waste.

In Miami, estate planning comes with a lot of legalities and it becomes important to contact an estate planning attorney Miami to offer you professional assistance to create a personalized estate plan that works best for you and your estate.

Questions to ask your estate planning lawyer on your first meeting

There are questions to ask your attorney on your first meeting in order to know to what extent their services would be and to as well build a lasting relationship. The questions include:

• How long will the estate planning process take?
• Would you need a living trust or powers of attorney? What are the pros and cons of each?
• Would the lawyer execute the trust, etc. or would they only prepare the estate plan?
• Will the lawyer have you review every document drafted before establishing them? Keeping in touch would help you avoid misunderstandings and maintain clarity and consistency.
• When would they be available in case you have any pressing question or issue to discuss?
• Do they include disability and tax planning in their estate planning strategy?
• Would they help in reviewing and updating your estate plan periodically?
• Would I be able to upgrade my estate plans in events of changes?

Call us today.

Contact a Miami Estate Planning Lawyer near you today.

Planning an estate on your own might be a bad idea. Because estate planning is a complex issue, you need the guidance of an estate planning lawyer so that you don’t end up making a mistake that might render your estate plan or will invalid. If you reside in the city of Miami, an estate lawyer in Miami can assist you with the planning of your estate. Ensure you go for an estate lawyer who is conversant with the estate planning laws of Miami.