You can get legal help handling estate planning in Cocoa, FL. Estate planning is a process that allows you to make choices about how you want your assets handled in the future. You can take steps to make sure your loved ones are taken care of through the estate planning process.
The lawyers at Bogin, Munns & Munns may be able to help you with all aspects of estate planning. Find out how you can protect your assets by contacting us at (321) 633-3208. You can create security for your family with the help of a Cocoa estate planning lawyer now.
Protect Your Assets with Estate Planning in Cocoa
You likely worked hard throughout your life to build up your assets and your estate. However, all of your work can be pulled apart if you do not take care of estate planning in Cocoa. Without an estate plan in place, the court system in Florida can decide how to divide your assets.
You can take steps to protect your legacy by completing the estate planning process here in Cocoa. Handling all aspects of estate planning can protect your savings and even properties that you own. Estate planning may even keep creditors from placing liens on your property or entering foreclosure proceedings.
In many cases, you can protect your assets in Cocoa by setting up a trust as part of the estate planning process. Let’s go over more information about trusts right now.
Learn About Trusts and Estate Planning in Florida
The term “trust” refers to a specific fiduciary arrangement. You may decide to set up a trust as a way to minimize taxes on your estate. As part of an estate plan, trusts can also guide the way your beneficiaries receive your assets.
You should be aware that trusts are usually handled outside of the probate court system in Florida, unlike wills, which means that:
- You may not face court fees when using a trust to distribute your assets.
- Your beneficiaries may receive access to your assets without undue delays.
- Your assets may be subjected to fewer taxes.
Many individuals in Cocoa enjoy the greater control over their assets and wealth provided by a trust. You can also keep your legacy private through a trust. All assets handled in the probate court system become a matter of public record. Assets can be conveyed privately through a trust in Cocoa.
You can get additional information regarding trusts from a Cocoa estate planning lawyer. Speak to a legal team member about your questions now by calling (321) 633-3208.
Types of Trusts for Cocoa Estate Planning
There are many different kinds of trusts you may choose to set up during the estate planning process in Cocoa, which fall under Florida Statutes, Chapter 736. Not all trusts will fit your needs. You can discuss your financial concerns with an estate planning lawyer. Your lawyer may then suggest the trust that would work the best for you. Some of your options may include a:
- Living Revocable Trust: living revocable trusts provide instructions regarding your wishes and can even serve as a will. However, unlike a will, this trust can keep your estate out of probate court if you fund it correctly.
- Spousal Lifetime Access Trust (SLAT): many married couples set up a SLAT, as this offers a spouse access to assets.
- Children’s Safe Harbor Trust: a children’s safe harbor trust leaves your assets directly to your children. The funds will not be available to their potential spouses or creditors.
- Dynasty Trust: you may choose to set up a dynasty trust if you wish to leave your assets to grandchildren or great-grandchild. This trust can help you mitigate the effects of generation-skipping taxes.
Note that these are only a few examples of the trusts you may wish to consider for your estate planning in Cocoa. You may also be interested in setting up an Elder Protection Trust or a Medicaid Planning Trust if you are concerned about an older relative and their assets. You may even set up a charitable trust to leave your assets to a charity that you support.
Additional Options for Cocoa Estate Planning
Not everyone interested in estate planning in Cocoa wants to set up a trust. You have additional options to ensure the distribution of your assets the way that you want. You may want to work with an estate planning lawyer to create:
- A will.
- A living will.
- A power of attorney (POA), per Chapter 709 of Florida Statutes.
- A guardianship agreement.
A will can, for example, dictate the assets you would like given to your beneficiaries. A will can also set up a guardian for your minor child in the event of your death. However, the probate court system of Florida Courts handles wills. This means that it may take a lengthy amount of time for your beneficiaries to actually receive your assets.
A living will, as defined under Chapter 765 of Florida Statues, is not used to decide the allotment of your assets. Instead, living wills legally record your wishes for medical treatment if you become incapacitated and unable to speak for yourself. You may also use a power of attorney to give someone else the ability to make legal or medical decisions for you.
Finally, a guardianship arrangement is another method you can use to ensure your minor children receive care in the event of your death. You can discuss all legal forms associated with estate planning with the team at Bogin, Munns & Munns. Allow us to review your specific situation so we can provide you with advice about the estate planning process here in Cocoa, FL.
Get Help From a Cocoa Estate Planning Lawyer
The team at Bogin, Munns & Munns may be able to help you with all aspects of estate planning in Cocoa. You can contact us if you are interested in setting up a will or a trust to protect your legacy. It is easy to reach a team member, just call (321) 633-3208. We can even provide you with a consultation about your legal options. Get the help you want today by working with a Cocoa estate planning lawyer.