Estate Planning Trusts and Wills: FAQ
When you pass on without a will your property can be in danger without.
- A Will basically sets forth instructions to the Court about a person’s probate. Without the Will, your property may be absorbed by state statute, and realistically may not reflect your personal wishes.
- You should create a Will if you are opposed to the idea of the government deciding how best your property will be distributed in the event of your death.
- A Will typically can help limit any potential fights or additional lawsuits among your loved ones after you die. The will can save a lot of your assets by not forcing heirs unnecessary expenditures to fight.
Do I need an attorney to write a Will? Why?
The laws encompassing probate and estate planning are different from state to state.
In Florida we have specific rules in the executing and drafting of wills. You need an Attorney to guide you in these processes.
Your rights and wishes can be prepared by a Lawyer who will assist you.
Trying to use an “internet form” or do it yourself forms may save you in the beginning but long term can cost you thousands.
The benefit of having an Estate Planning Attorney preparing your will, trust or estate can help you rest easy knowing the proper methods to protect you were employed.
An attorney can review or update your will every several years to make sure all is current. The laws relating to estate planning May and do change on a regular basis.
You should have your will updated when a significant change occurs. It also should be reviewed and updated every time something significant takes place such as a new baby, divorce, death or wedding. Failing to update your Will may make matters difficult after you die and cost your family assets unnecessarily.
The importance of having an estate plan?
A well prepared estate plan can save your family time, money, and additional stress.
What is a Trust?
There are many types of trusts which can be used in your estate planning. The most often used are Revocable Trusts, also known as a “Living Trusts,” and Irrevocable Trusts. Many use a Trust to save money and time. This allows some level of privacy and an avenue of control.
When you prepare a trust properly it will help your family avoid a possible probate later on. A Trust can possibly help to prevent the need for a guardianship in the event that you are incapacitated during your lifetime. A Trust may also help save your family estate taxes.
Definition of a Probate?
Probate involves court proceedings that define how your money will be transferred from you to your heirs. A Will contains a set of instructions for the court to use on how to distribute your property in Probate.
Your estate plan will be reviewed by the Court, and after considering all of your debts, liabilities, taxes, and other expenses, it will determine how to dispense your estate to your family.
When starting a probate your family will hire an attorney via a retainer. If you have a proper estate plan in place you might not need a probate, but it will almost always make sure that Probate runs effectively.
Definition of a Power of Attorney?
A Power of Attorney allows a trusted friend or family member to make decisions for you in the event that you are incapacitated or unable. It may be limited to specific matters or may be more generalized.
The best estate plans contain a durable Power of Attorney for financial or general matters and also one for medical reasons. By not having a power of attorney you will lose control with the destiny of your rights as well as health decisions. This is not a good decision and you need to have your attorney discuss this with you. A Power of Attorney may also help you avoid a guardianship.
Living Will?
This is a health directive that determines your wishes about end of life issues as well as terminal desires. This is usually employed if you are in a vegetative state and need your wishes adhere to. Contact the BCN Law Firm for further information and to receive a free consultation* at 855-LAW-2020.
BCN: Your Estate Planning Law Firm
Attorney Wade Boyette has prepared Wills, prepared Estate Plans and handled probate issues for thousands over the last 2 decades practicing law. His passion is to see his clients and their estates properly protected by staying up to date on changing laws and information. We look forward to serving you and your family with the same excellence we have demonstrated over the years. We are not just the home town law firm, we are family!
