Estate plan can be used to perform and implement all good desires you have for your estate, family and also yourself. Through a proper estate plan, you could easily transfer an asset to desired beneficiary, avoid long probate process, name a guardian for your child, prevent court supervised guardianship when you are disabled, prevent intestacy distribution of your assets in Miami, and lastly live a good life and a long lasting legacy for your offspring.
Estate plan document to enable easy transfer of assets to desired beneficiaries are;
Last will and testament.
A will is a very important estate document. A will indicates those who are to benefit from your assets. It contains all that you own, names of the designated beneficiaries, including what you want each of the beneficiaries to get. When you are gone, you will need someone to ensure that your wish regarding your estate is fulfilled. So, you will have to choose an executor. The name of the executor will be stated in your will. After your demise, the will you wrote will have to undergo probate. The probate process is carried out to determine the authenticity of the will. Sometime, foul play are often present in the drafting of a will. The designated executor won’t be able to carry out his duties until he or she is legally certified by the probate court.
Living trust are essential estate document. There are several types of trust and each represent a significant purpose, but the most common types are the 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 planning document for disability and Incapacity
As one gets older, there is the fear of becoming incapacitated due to age or terminal disease. Accidents can also render one disabled and incapable of handling their affairs. In such a situation, one would need a trusted agent to look after their affairs on their behalf. You can plan for this by creating powers of attorney. Estate document for disability and incapacity are:
Financial power of attorney: this document allows you appoint an agent to handle your fiscal affairs and make financial decisions on your behalf when you become incapable to do so yourself.
Healthcare power of attorney: also known as advance medical directive, this document allows you to appoint an agent to make healthcare decisions on your behalf when you become incapable to do so yourself.
Retirement and Medicaid
Our estate planning attorneys are also highly knowledgeable in Elder Law, and will work with you to know the most suitable retirement plan that befits you while keeping you eligible for benefits meant for the elderly. Your attorney will help you apply for Medicaid and Medicare if you so desire.
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.
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Contact a 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.