While we all wait to get to that set financial milestone, life happens with several occurrences that would have required that you make certain plans. One of that important plan is estate plan. Estate plan simply put prepares you for difficult situation which life may throw at you. No one hope for losses or death, but these are just life certainties. Estate planning involves creating plans to protect your assets, asset beneficiary for period you may become incapacitated or die. There is very little you, your children, potential beneficiaries or anyone else could do if you die or suffer a disability without a well laid estate plan. Peradventure, you did a make shift or substandard estate plan, the losses could even be lot worse than having one. While you may consider other self-plans, life goals and all, you should consider creating an estate plan today.
Our estate planning lawyers are close and around you.
The stress and expectations that comes with each day may present some hurdles in settling down to make the right estate plan. As such some people, Miami residents may resort to making substandard estate plans from just anyone or an online medium. Perhaps, other feel like they can quickly fill out forms online and get the plans implemented. It is worthy of note that such estate plans are susceptible to wrong inclusion and attachment and may lead to loss of assets and other benefit obtainable from a good estate plan. However, with just a contact, you have experience estate planning lawyers giving insights and making proper estate plans with you. Your relationship with our close by estate planning lawyer would ensure that all your long, short and mid-term estate plan are properly implemented. Our estate planning lawyer would discuss with you available and suitable estate plan options and guide you to making the right choices.
Estate planning options
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 Miami 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: 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.
Living trust: this one essential estate document that not only dictates what happens to you when you die but also should any disability occur. 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.
Financial power of attorney: should you plan to transfer the control of business, or financial decisions to a trusted fellow, you would need the financial power of attorney to implement this decision. This document allows a desired individual handle making financial decision on your behalf when you become incapacitated and unable to handle your financial affairs.
Advance medical directive: quite similar to the financial power of attorney, this document allows a desired individual make major medical calls and decisions for you, should become incapacitated.
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.
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.
The bottom line
Estate plans are vital to protect your assets and loved ones. There is no better time than now to make these plans. The step is taken once you contact an estate lawyer to discuss suitable plans for your estate. With the right foundation of a trust between you our estate lawyer near you in Miami, you can be sure that your estate plans is possible.
Contact our estate planning lawyers today.