Estate planning is a way to distribute money and assets to loved ones after a person’s death and maintain control during one’s life. It is vital to put together an estate plan that outlines how you want your property distributed after your death, and this is especially true when you have minor children. Estate planning can include incapacity planning, which ensures the people of your choice can act on your behalf and your assets are used for your benefit in the event that you are incapacitated, such as by stroke or catastrophic injury.
While alive, you can do estate planning through wills, trusts, and other documents that outline how you want your assets distributed after death or during life via powers of attorney and medical directives, which give loved ones the ability to make financial and medical decisions when you are unable. Regardless of the situation, you find yourself in, a Palm Beach Estate Planning Attorney can guide you in making the best decisions for you and your family.
What Are the Estate Planning Laws in Florida?
Florida Estate Planning Laws can be a little confusing, even for attorneys. These laws ensure that your property is distributed according to your wishes and that your loved ones know what to do if you become incapacitated or pass away. One of the main things to understand about Florida Estate Planning Law is who may be entitled to your assets after your passing.
Beneficiaries can include people you name on an insurance policy, retirement plan, or other financial accounts. You can control who inherits these accounts by completing beneficiary designation forms. But be careful, the risks of bad beneficiary designations are real and can cause unintended consequences.
Heirs at law are defined, by statute, as people who will inherit if there is no will in place and a person dies with assets in their name alone. Beneficiaries are people named in the will or trust. If someone is designated as a beneficiary on accounts and policies, those designations trump anything in the will.
What Does an Estate Planning Lawyer Do?
An estate planning lawyer helps individuals and families plan for incapacity and death, protect their beneficiaries, maintain control over their assets during their life, and plan for the distribution at their death. Your loved ones might have to file a probate matter if you pass without a well-thought-out plan and assets in your name alone.
When Do You Need A Estate Planning Lawyer?
Laws vary from state to state on the administration of estates where there is no will or trust, so consulting an estate planning attorney is essential. The Florida Statutes create a one size fits all distribution in the event you pass without a last will and testament. In Florida, an estate with no will or trust can be expensive and time-consuming. To avoid this, consult an experienced Palm Beach Estate Planning Attorney with Loughlin Law, P.A., to create a valid will, trust, or other legally binding documents today.
What To Expect When Working With A Estate Planning Lawyer?
The process of working with a Palm Beach Estate Planning Lawyer begins by scheduling a free consultation. The consultation gives your attorney a chance to understand your needs and offer guidance on the next steps, which may include helping you create an estate plan. During your appointment, you need to determine which documents are required and what they entail. Working with a skilled estate planning lawyer can save your loved ones from unnecessary problems and expenses after your death.
Your estate planning lawyer will discuss the laws in your state before creating your comprehensive estate plan. Your estate planning lawyer will draft your plan after the initial consultation. If you already have a will or trust, changes can be made if necessary.
What Does the Estate Planning Process Involve?
The estate planning process involves completing a questionnaire regarding your specific situation, attending an initial consultation, typically over zoom, formally hiring your estate planning attorney, and reviewing drafts of your estate plan once complete. Once you approve your estate plan, you will receive a portfolio of your plan for signing.
Contact an Experienced Palm Beach Estate Planning Attorney
A Palm Beach Estate Planning Attorney with Loughlin Law, P.A., can help you put a plan in place that helps you and your loved ones avoid the lengthy and costly probate process in Florida.SCHEDULE VIRTUAL APPOINTMENT