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. Discussing the three term, estate plan, probate and intestacy. Estate plan are plan made to decide who handles your properties, who gets a part of your estate when you die, and who makes certain managing decision for you when you are unable to do so. Also, these estate documents could be used to make a guardians and allow smooth transition of assets thus reducing excessive estate taxes. Looking further, when someone dies without a proper estate plan in place, 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.
Revocable and irrevocable living trust
The revocable and irrevocable living trust perform the same function but operate in a slightly different manner.
The revocable living trust permit change and flexibility of the trust. You can remove particular assets or change the named beneficiary in the trust. Altogether, a revocable trust can be cancelled or dissolved. Thus, this means that the trust maker retain the power over the trust during his lifetime.
However, the irrevocable living trust cannot be undone. Once the assets has been transferred into trust it cannot be changed. This type of trust is effective in reducing excessive estate taxes. A revocable trust usually turns permanent or irrevocable upon the death of the trust maker.
Estate plans would save you from a lot
People plan their estate for several reasons. It could be to preserve their family wealth, to provide funds for their families and loved ones when they die, to fund the education of their children. Estate planning is important, if you cared about those you’ll leave behind when you die. If you fail to plan your estate before your demise, your properties will be shared by the state government. This process can be ugly, long, and very expensive. You wouldn’t definitely want those you left behind to go through such after having to deal with your demise. So ensure you plan your estate while you still breathe, you never can tell if you will be alive tomorrow. The court supervised sharing of a property whose decedent do not leave behind a will or any other estate plan is through intestacy law present in the state. At this point, the court decides whether, the offspring of the decedent gets the property or anyone else. Either way this process is the not the proper way to leave a legacy behind, as such you should consider having an estate plan.
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.
What can an Estate Planning Lawyer do for You?
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.