An estate planning attorney is your best bet in guaranteeing that peace of mind, because he will look into your particular estate situation and thus come up with the best measures that would offer you that thing which you seek.
Although some do-it-yourselfers would often ask: “why hire someone when I have hands and brains to write a will myself?” one should realize that estate planning goes beyond just writing a will. There are so many legalities and things to consider while estate planning, and only an experienced legal professional will have the required insight to draw a comprehensive estate plan that covers all loose ends.
Things a Miami estate planning attorney will help you do
Here are some things that a Miami estate planning attorney will do for you when hired.
Customize your will
Although Estate planning is for everybody, one estate plan can never work for everyone. As your possessions are different from that of Mr. Smith, so also should your Will and overall estate plan. This points to the fact that a Will template you got online will not suffice to address your personal situation as it is. In trying to alter the template, you may end up ruining it. On the other hand, a Miami estate planning attorney will have heartfelt discussions about your personal situation, your loved ones, assets, and how best to distribute these assets among them to limit conflicts and family tension when you’re gone. If you own property in multiple states or joint ownership, your attorney will also work with you to determine how these assets will be disposed.
Updating your estate plan
Your estate planning attorney will not just create your estate plan, but will help in updating it when the need arises. While you are busy with your daily business activities, the estate planning attorney is busy keeping up with estate laws and your financial situation. A change in either may require a relative change in the plan. A new birth, marriage, death, acquisition or loss of assets, change in estate and tax laws will all have an overall impact in your already made estate plan, and your estate planning attorney will help in updating it without ruining it or altering your ultimate estate goal.
Help in creating and establishing estate planning forms
The following are some vital documents which a good Miami estate planning attorney should include in an effective estate plan:
- Will: As opposed to the use of will templates, your estate planning attorney will enlighten you on what assets to include and not to include in your will, and how some complexly owned assets may be addressed. Your attorney may also establish guardianship for your minors.
- Living Trust: As opposed to a will, a living trust can be used to transfer assets during your lifetime. Another benefit is its probate avoidance capacity. A living trust is more difficult to establish than a will, and should not hold just any kind of asset. Your attorney will help combine a will and trust in such a way that harnesses the benefits of both.
- Powers of attorney: powers of attorney are documents by which you authorize a person to handle your fiscal affairs and medical needs.
Minimizing or avoiding probate
Probate is often lengthy, complicated and highly expensive. Since only assets owned in your name only may be probated, to minimize probate, your estate planning attorney can find ways to reduce the value of assets in your name by funding some valuable assets into a trust, through gifting, joint ownership, family limited partnership, etc.
There is a federal estate tax imposed on Miami estates valuing over $11.58 million for deaths in 2020. Miami estate planning attorneys are well conversant with tax laws, and would harness all necessary provisions that allow your estate pass tax-free despite surpassing the threshold.
Plan for disability and incapacity
It is bad to think about, but anyone can fall into disability and thus become unable to handle their affairs themselves. It is therefore important that you lay down instructions regarding what you want in such a situation now that you are of a sound mind. To this end, your attorney will help in planning for guardianship, creating powers of attorney and advance healthcare directive, or a living trust (in which your trustee manages your affairs when you become incapacitated).
Need help from an estate planning attorney? Contact us
Our Miami-based law firm is office to highly skilled estate planning lawyers with decades of experience handling estate planning for Miami residents. We understand that every estate and every client is different, and this is why we look meticulously into the estate situation of our client to identify what measures would work best for them. Your peace of mind and financial security is our priority. Contact our offices to speak with a Miami estate planning attorney.