Calculate your Net worth.
To be sure on what you are making estate plans on, you need to know the value of your assets. This is the very first step to make a good estate plan. To know your net worth, add up the values of all your assets, also include, investment, saving and retirement accounts and personal properties then subtract all from your liabilities such as credit card debt, loans and mortgages.
Think about your family and personal need for an estate plan.
You don’t need to be billionaire to make estate plans. No matter your financial situation, you need to need plan on what you have. However, you should consider the estate plan suitable for your family as well as financial needs. If you have properties in one or more states, or have complicated family relationship, whether divorced or remarried, you need to consider all these to making a good estate plan. Probate is a very long process, and without proper estate document, it could be worse.
Plan and determine if you need a will or a living trust.
Once you have known your family and financial needs for an estate plan also your estate value, you need to consider making proper estate document. A will and a living trust are two essential estate document for assets protection. A will states how you want your estate distributed while you are no longer alive. Living trust does the same; however, it could be used to transfer ownership and control of your estate to a trusted individual while you are still alive. An estate lawyer would advise you on the best estate document to fit your estate plan.
Create a disability plan.
Making plans for when you become mentally or physically disabled is vital. Your estate plans would not be complete without ensuring that your estate is safe even when you become unable to manage them yourself. Estate document such as power of attorney, advance medical derivatives and Medicaid plans help propagate your disability plans. A good disability plan prevents court supervised guardianship.
Fund your revocable trust.
After speaking to an estate lawyer and you get the nod to include a revocable trust in your estate plan. The next thing to do is fund the trust. This mean that you would be adding assets you wish to transfer to a desired beneficiary. Without this, all your labor of creating a proper estate plan might go to waste.
Review/upgrade your estate plans.
Several occurrences take place in our everyday lives and some of these things affect finances, assets, health, and family among others. This change affects plans and more notably estate plans. If you already made you estate plan, you need to consider revising the plan. If you just change state location, added more assets to your estate, or you wish to add or remove a beneficiary of a trust, you should update your estate plans.
Choose your fiduciary or estate plan executor wisely.
Asides making plan, you need to consider who will handle the execution of your wishes over your estate. Choosing the right candidate for this would ensure smooth transfer of your estate to desired beneficiaries and also proper implementation of other estate plans. Perhaps, besides deciding to make estate plans, the next most important thing is the person chosen to implement the plans. A probate or estate lawyer would be a good selection for a fiduciary.
Create a plan for long term healthcare.
Good estate plans should contains for how you wish to cater for your long term healthcare. If this isn’t put to consideration, you might spend a lot of money and fortune from your estate trying to fix health issues.
The bottom line
In Miami, estate planning comes with a lot of legalities and it becomes important to contact an estate planning attorney Miami to offer you professional assistance to create a personalized estate plan that works best for you and your estate.
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.
Contact us today.
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.