Estate plan is huge; as such you need to consider several factors to make exceptional estate plans. Here are few things to consider when making estate plans.
Do you need a will or a living trust?
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 creation.
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.
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.
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.
Why you need to consider revising your estate plans.
- You recently changed location.
A change or revision should be made on estate plan if you recently changed state or moved to another settlement in a different state. The reason for this change is that, all state including Miami has state rules guiding the creation and implementation of estate plans. Thus, this state laws dictates what formalities is taken in estate plan what document or inclusion should be present.
- You added new assets or expanded your estate.
Addition of new assets should be made to reflect in your estate plan. Your estate plan should indicate all your assets. This would help prevent any form of misunderstanding, court settlement of your estate plan or probate as well as troubles when transferring your assets to desired beneficiary. To also ensure, proper reduction of estate taxes, you should constantly revise your estate plan and include all new collections.
- You changed a named beneficiary of your estate.
If you changed or planning to change a named beneficiary in your estate document, you need to revise your estate plan. Your estate plan allows you to add or remove a beneficiary; however, you need to clearly indicate these changes in your estate plan.
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.
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.