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why you need a Florida estate planning lawyer
Top reasons why you need a Florida estate planning lawyer

Your estate plan goes a long way in sustaining your legacy even years after you pass away. An estate plan can mean the difference between a family’s broken financial status and the financial well-being of your loved ones, and this makes it imperative that a solid and proper estate planning be done. While you can simply create a basic will on your own, estate planning goes way farther than just naming beneficiaries for your assets. Making sure your wishes are effectively carried out and your best interests — even those you naturally may not have considered — protected, an estate planning lawyer surely is your best bet.

Here are top reasons why you need the services of a Florida estate planning lawyer:

1. Updating your estate plan

As have been said, estate planning goes farther than just preparing a will and keeping it in your cupboard or safe. As your life progresses, there are several changes that would occur which likely would require a change to your estate plan. Year after year, tax laws and federal estate tax exemption changes due to inflation; you may get into a new marriage, have new-born kids, acquire new assets, or experience loss in your family. All these likely scenarios would require a relative change to your estate plan, since you may need to make changes in your beneficiary list, tax planning, etc. Being busy with your normal day to day business, you normally wouldn’t think about updating your estate plan, but having an attorney who’s got your back ensures that your estate plan is constantly up-to-date.

2. Florida Estate laws change regularly

Your estate plan normally is regulated by your state’s estate laws, and these laws are constantly changing year after year. An everyday person does not bother to check up on the latest estate laws or changes made, but an estate planning lawyer does so regular. A Florida estate planning lawyer will always stay updated with estate laws in order to know what options are currently available for your estate plan.

3. Identifying the appropriate legal tools to effect your wishes

Another reason why you should hire an estate planning lawyer is that your estate plan may need to include certain legal tools like Trusts, Powers of attorney, a living will, healthcare surrogate, in order to cover all your considerations for your estate plan. Trusts as well as powers of attorney have different types, and each type has its own benefits. Your estate planning attorney will help you identify the appropriate tool that best satisfies each situation while offering you optimum benefits.

4. Planning for tax avoidance

There are many ways a Florida estate planning can help you avoid estate tax and probate. In Florida, there is no state estate tax; but if your estate exceeds the Federal estate tax exemption limit of $11.58 million in 2020, estate tax of up to 40% will be imposed on your estate. Your attorney may recommend the use of gifts or irrevocable trusts to reduce the value of your estate below the threshold.

5. Probate avoidance

Any estate in Florida worth over $75,000 will go through a lengthy and expensive probate, one like the kind you wouldn’t wish for your family. Your estate planning lawyer will help you understand the reasons why probate may be problematic for your family after your death, and how you can mitigate these problems or completely avoid probate. The options available are through gifting, trusts, joint ownership, POD clause, etc. Your estate planning attorney will help you better understand these options, recommend and help you implement whichever one that will work best for your situation.

6. Customizing your estate plan

A will is the most basic estate planning document, and yet highly powerful. It allows you to transfer assets to your loved ones when you’re gone, and you can do this simply by downloading a will template online. But estate planning is never a one-size-fits-all affair; and in trying to alter a provision of the template to suit your personal situation, you may end up invalidating the will altogether. On the other hand, a Florida estate planning lawyer will help you customize your will to suit your personal situation and estate goals right from the start.

Contact a Florida estate planning lawyer

Estate planning is no joke. It literally puts your life in your hands, and so you need to get it right at first try. To put your mind at ease, kindly contact a Florida estate planning lawyer today.