Estate plan protects you, your assets, possession as well as your loved ones. These plans are made to ensure that any unknown future life occurrence don’t get you and your family unaware. As widely understood, estate plan help implement and establish your desire and wishes on how you want your estate to be distributed. More so, through an estate plan, you could simply ask an executor to give a part of possession to charity or to a close relative. While these are the known concerns in estate planning, other core aspect of estate planning include transferring assets to desired beneficiary while you are alive though the living tryst document, making plans for disability or incapacity, naming a trustee to make certain medical and financial decision while you may be unable to do so, and lastly naming a guardian for a minor.
The role of an estate planning lawyer.
Most times, the wrong myth conceived and attached to estate plan lead to making bad estate plan. So many people feel that estate plan is only for the extremely wealthy while other thing they do easily go through some online estate planning form and make estate plans. You need more than that to make a successful and well-structured estate plan worthy of implementation without probate. Rather than make a rush plan, why not contact a Miami estate planning lawyer near you today. The estate planning lawyer would listen to you and guide you to making the right decisions on your estate plan. While there are many estate document that can be used to propagate your desires, an estate planning lawyer through working experience would help you craft out the most appropriate and efficient estate plan for you and your loved ones. Estate plan could be short, mid or long term, however, in most cases, you need the continuous services and guide of an estate planning lawyer. With an excellent estate lawyer just a call away, you can build the right relationship, schedule meeting time and create your desired estate plan.
Major reason why you need estate plans
You don’t need to get so old or to have acquired all known assets or possession to start making estate plans. The more you wait, the more likely you might need to make a rush hour plan likely open to forfeiture, non-implementation, and extremely long probate processes.
Why you need an estate plan.
To protect your loved one or assets beneficiaries.
Estate plan would protect your family and loved ones from loss of any kind. You can appoint a guardian for minor children. Through a well-established estate plan, your assets beneficiary would not need to go through the stress of probate before getting the assets that are rightfully theirs.
To reduce estate taxes.
Proper estate plans would reduce excessive estate taxes. When an asset is transferred to a beneficiary, federal and state taxes and other types of inheritance taxes is reduced. Also, married couples can create a trust account or have their assets in a joint trust to reduce taxes.
To avoid probate.
A proper estate plan would not need to go through probate before implementation. An estate planning lawyer would typically guide you to creating other estate document. These documents such as living trust would eliminate the long probate process when transferring assets to desired beneficiaries.
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.