The rush in trying to get an estate plan or document push several people into doing a self-crafted or online form estate plan. These methods for doing something as vital as an estate plan is inappropriate. Such estate plan turn out inadequate with several key omission and wrong inclusions. Estate plan are vital to protecting your estate, your family and desired beneficiaries of our assets. Also, a proper estate document could prevent court supervised process in implementing your estate plans as well as in appointing a guardian for you during any form of incapacitation. Contact a Miami estate planning lawyer near you today.
Estate planning documents suitable for Miami residents.
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 and Testament
A Last Will and Testament is a document on which you spell out your wishes concerning the disposal of your assets after death. 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. 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.
Durable powers of attorney
By establishing durable powers of attorney, an agent will step into your shoes to make important decisions on your behalf when you become incapable of handling your own affairs yourself. A financial power of attorney appoints an agent who will take over your fiscal duties during disability or incapacity, while a medical power of attorney appoints one to make healthcare decisions on your behalf.
Essential estate planning tips.
- 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.
- Our Miami estate planning lawyers would guide you through any probate process. Also, the estate lawyer can step in a play the role of the executioner of your estate plan.
- 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.
Contact our 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.