Estate plan is good, and when properly created, its implement would be less hassle. No one wants to lose his inheritance, or properties to little mistakes caused by wrong inclusions in estate documents. As such, you need to be aware of what is contained in your estate plans. State laws in Miami dictates the formalities of creating and drafting a will as well as other estate document. It would be in your best interest to contact a Miami estate planning lawyer to help you though the process of creating an estate plan.
No estate document or plans?
Living and also dying without an estate plan spells lot of trouble. Because with an estate plan you could name a beneficiary to receive these assets while you are alive, you can also name a desired individual to handle all your financial and medical decision when you become incapacitated. The absence of a last will or any other estate documents means the deceased property would be shared through intestacy laws present in Miami. The intestacy administration is conducted by the court. This could be a trying time for the deceased family members, as they would be left to go through long processes to get the deceased assets.
Last Will and Testament
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. 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.
Choosing between will and 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.
Who should be the trustee in a living trust?
The difference between irrevocable and revocable trust is further experienced in the trustee named to manage the trust. For instance, when a couple decides to create a revocable trust, they could be stand for and name each other trustee, however, if an individual names himself as the trustee in the irrevocable trust, the purpose for which the trust is created would not be thoroughly implemented.
Important: there are several types of living trust, although, they are all either revocable or irrevocable. The difference between these trusts is the terms of the trust, whether they can be changed, undone or not, and who gets to manage the trust. Furthermore, as with most estate plan document, the living trust is created to be implemented while you are living.
Call us today.
Contact a Miami Estate Planning Lawyer near you today.
Proper estate planning produces peace of mind. You will sleep better knowing that your affairs will be in the competent hands of your choosing, and that your loved ones will be financially secure when you are gone. We will help you establish a plan well personalized for your estate situation and goals. Call our law offices at Fort Lauderdale to speak with an estate planning attorney.