There are many misconceptions about the estate planning process. It’s important to have an accurate understanding of estate planning and how you can prepare your loved ones for the future.
Still, for many people the idea of starting or updating a plan seems like a daunting and even overwhelming task. However, when you partner with an estate planning attorney with a solid reputation for presenting clear and informative guidance, you can be sure that your final wishes are carried out. Read on to learn more about this essential consideration.
Why You Need a Detailed Estate Plan
As mentioned, estate planning safeguards you and your property and protects your family members following your passing or incapacitation. Anyone can benefit from an estate plan, regardless of age, income, or assets.
One major focus of estate planning is creating a detailed will. This document specifies how items of both financial and sentimental value are distributed among your heirs. In this document, you name a personal representative to settle estate matters as well as a guardian to care for minor children if that is applicable. Your will lets the court know your wishes and helps eliminate the possibility of interpretation that could result in actions being taken counter to your wishes. The best way to get started is to contact an estate planning lawyer in Daytona Beach. The lawyer can help you find answers to some of your most pressing questions, including:
- Who will inherit assets and in what proportion?
- What are the costs associated with probating the estate?
- Who will manage assets and care for you in case of incapacity?
Simply stated, planning in this way puts you in control of your future and that of your family’s future. At the same time, you can reduce your estate taxes, avoid probate, and eliminate confusion in the wake of your incapacity or passing. You want and deserve a Daytona Beach, Florida attorney who knows the ins-and-outs of estate planning. With the beginning of a new year, now is an ideal time to create or update your strategy for the future.
Ways an Estate Plan Protects Property and Loved Ones
Many people don’t give estate planning more than a passing thought. They think a close friend or business partner can step in and manage their affairs when needed. This isn’t always the case. Often, such individuals are unable or unwilling to serve in such a capacity. Other times, those people you thought could be trusted behave in ways counter to your wishes. Thankfully, such unfortunate scenarios can be avoided by working closely with a Daytona Beach estate planning attorney who keeps your best interests in mind.
Thorough estate planning should cover all dependents and beneficiaries. Minor children can be protected and cared for according to your express wishes. Adult heirs can be shielded from their own negative decisions, bad influences, problems with creditors, divorce proceedings, and more.
Finally, without adequate preparation, your assets are at risk of being distributed based on Florida law. By contrast, comprehensive estate planning ensures your assets are distributed based on your wishes through the use of wills, trusts, and other estate planning documents.
How to Start or Update Your Estate Plan
Life happens fast, and it’s not always easy to remember every change that has occurred in the past year. Still, there are situations that require immediate updates to your estate plan. That includes:
- birth of children or grandchildren
- divorce or death of a spouse
- move to another state
- purchase or sale of property
- launch or acquisition of a new business venture
- property damage or total loss (including from fire or severe weather)
- changes in philanthropic giving
- special and unique circumstances
When you’re in doubt whether you should update your estate plan, it’s a good idea to contact a Daytona Beach attorney well-versed and skilled in this sometimes-complex process. Our law firm offers many years of experience in estate planning, probate, guardianship, family law, and business law. Contact us today to create or update your estate plan, and with any other questions you may have regarding your legal needs.