A study by Caring.com suggests that only 42% of adults in the United States have a living trust, will, or other estate planning documents.
Preparing for the end of your life may be difficult, but it is necessary. If you live in Pompano Beach, you can access plenty of estate planning attorneys to help with your situation. They can ensure that beneficiaries to your estate know your wishes, and don’t have a hard time when you are gone.
Reasons to Hire a Pompano Beach Estate Planning Attorney
Everyone has an estate. Usually, it consists of a home, car, furniture, life insurance, checking/saving accounts, and other possessions. What happens to them when you pass on? You probably want to maintain control over how the items are distributed when you are no longer around.
This is where your estate plan comes in. It is a legal plan listing who will receive your assets, the specific assets they will receive, and when they will receive them. A proper estate plan ensures that when you are gone, your wishes are carried out. A proper estate plan also includes the following:
- Instructions for your care in case you become incapacitated or disabled
- Tips for minimizing court costs, taxes, and unnecessary legal charges for your loved ones
- A plan for your loved one with special needs
- A name for the guardian of your minor children
- Protection for family members who could need protection from divorce or creditors in the future.
Here are a few reasons to consider seeking our estate planning services in Pompano Beach:
1. Avoiding Common Mistakes
Estate planning can help you organize your wishes and relevant records. It helps your loved ones find insurance policies, financial records, titles, and beneficiary designations when you are gone.
In addition, the planning process makes it possible to detect and resolve errors. Fixing issues while you are still alive could help avoid mistakes when you are gone.
The process of designating beneficiaries usually creates errors. For example, the tax impact of naming some beneficiaries as recipients of your 401ks or IRA could be significant. Here are a few other mistakes that our team can help you avoid:
- Leaving some people or assets out
- Failure to create a proper estate plan
- Failure to complete the process
- Coming up with an inadequate plan
- Failure to update the estate plan as your life changes
An estate planning attorney relieves you of all of this stress. They help you draft an estate plan and reduce the need to go to court to rectify issues when you are gone.
2. Protecting You, Your Family, and Your Assets
A good estate plan can be a fantastic protection tool for your assets and your loved ones. It includes several documents to help your loved ones navigate the process after your passing. A proper estate plan includes the following:
- Will or pour over will
- Guardianship nomination
- Power of attorney
- Medical directive
- Life Estate Deed
The documents use specific verbiage to make sure that:
- Your assets go to people that you care about. This may include setting up guidelines to control what each beneficiary receives, and when they receive it. For example, you could set up a trust for minors. They will receive their assets upon reaching a certain age.
- If you have children, a Guardianship Nomination could serve as evidence in court. It reflects your wishes regarding who will take care of your kids when you are gone. Note that this is only a nomination. The court will conduct an independent evaluation to appoint the person, however it is important that the court know whom you would choose.
Using the wrong word or missing signatures could rob your family of the protection they need when you pass. Working with an estate lawyer helps you cover all your bases.
3. Updating Your Estate Planning Documents When Necessary
Life happens, and things are always changing. We understand that your needs may change in case of a divorce, the birth of a child, or a change in your family dynamics. We work with you to continually update your plan as your needs change.
After major life events, you would be wise to contact a Pompano Beach estate planning attorney. That way, you are assured that your legal documents reflect your changing needs and desires.
4. Taking Care of Family Members With Special Needs
If you have loved ones with special needs, you need reassurance that they will be well cared for when you are no longer around. For example, children with special needs may lose public benefits upon inheriting assets.
Luckily, some trusts can be set up to ensure that they receive government benefits alongside their inheritance. It can be difficult to set up a special needs trust unless you have sufficient knowledge in estate planning.
Our team is experienced with special needs trusts, and we will go out of our way to ensure that your loved ones with special needs are protected.
One of the best things you can do for your loved ones is preparing an estate plan. It helps them cope and avoid the need for court intervention when you are gone. Your estate plan will contain the names of those who will manage your estate and your last wishes. It can protect your family from taxes, high costs, and their own naivety. It offers clarity and answers questions that your loved ones might have when you are no longer around. Contact our team today and start planning your future.