An estate plan may help individuals achieve an effective system for asset protection and growth throughout their lifetime. In addition to tools regarding asset protection, estate planning also involves elder law, healthcare issues, medical planning, and tax liability. It may also outline how, in the event of your passing, your estate will be handled.
Bogin, Munns & Munns may be able to help Kissimmee, Florida, residents protect your rights if you hire us. Consider getting help from a Kissimmee estate planning lawyer from Bogin, Munns & Munns. Call 407578-9696 to discuss the circumstances of your plan.
Common Types of Kissimmee Estate Planning Tools
Bogin, Munns & Munns uses a broad range of estate planning tools. Some examples of the common tools our team has worked with include:
- Business succession planning
- Charitable giving
- Durable Power of Attorney
- Estate planning with mixed families
- Federal estate tax
- Healthcare surrogates
- Last Will and Testament
- Living wills and healthcare directives
Common Misconceptions Regarding Estate Planning
A common misconception regarding Kissimmee estate planning is that it is only available to those who are wealthy. The truth is, many estate planning situations involve health and medical issues, which means you may have to give authorization for others to act on your behalf if it is appropriate.
Because Florida state law does not discriminate regarding the size of one’s estate or their assets, any person can seek legal representation from a Kissimmee estate planning lawyer. That way, they may receive advice regarding their options and rights for the future. This guidance may also extend to individuals making their choices known regarding medical and healthcare treatment under certain circumstances.
Estate planning may also involve stipulating how an individual’s estate is dealt with when they pass. For example, in the event of your passing, planning should consider the distribution of your assets and property.
The Benefits of Working with a Kissimmee Estate Planning Lawyer
Working with a Kissimmee estate planning lawyer has a wide variety of potential benefits, including:
- The documentation and execution of your preferences regarding funeral expenses and afterlife care.
- Avoiding the burden of unexpected expenses if you pass.
- Your beneficiaries and children receive care regarding your final wishes.
- There is clear documentation regarding your preferences for life prolongation if you are incapacitated.
- Your estate incurs a minimal amount of probate fees and taxes.
- It is possible to avoid the excessive time and confusion typically associated with the probate process.
About Wills in the State of Florida
According to Florida Statute 732.502, there is guidance for the valid execution of a will in the state of Florida. Florida Statute 732.503 outlines governance for self-proving wills for the state of Florida. According to that statute, an affidavit must be included in a will for it to be considered self-proving.
One benefit of having a self-proving will is that, under Florida Statute 733.201(1), it may be admitted into a probate case without any additional proof. If the will is not self-proving, you must follow Florida state laws regarding other methods for proving. That may be an expensive, long, and tedious process, so it may be in your best interest to consider having a self-proving will.
Common Estate Planning Mistakes
Everyone passes away eventually, and when that happens, the state may pass burdens onto surviving family members. They may have to pay expenses, divide property, and make other decisions. If you make few plans, that burden may increase. That is why you should consider working with a Kissimmee estate planning lawyer. That way, you might not subject yourself to the following types of mistakes:
- Naming beneficiaries on 401(k)s, annuities, insurance policies, IRAs, and more using the words, “the estate of:” In doing so, you are legally putting the assets within those accounts into probate. If that happens, it may take a substantial amount of time for distribution to occur to beneficiaries.
- Failing to have the will witnessed and executed properly: This mistake may lead to delays and sometimes invalidation of the will.
- Not funding a living trust: If you have a living trust, it may be possible to remove your assets from probate. That way, those assets may pass to your beneficiaries seamlessly.
- Titling your assets jointly with your children’s names: If your children run into financial problems like debt defaults or divorce, this may lead to further trouble.
Bogin, Munns & Munns May Be Able to Help with Your Estate Planning Needs
Our team understands how to handle estate planning. A Kissimmee estate planning lawyer may be available to handle your plan if you hire us. Because it is not uncommon to have many questions regarding estate planning, you should consider acting as soon as possible by reaching out to us at 407-578-9696.
Our team of estate planning lawyers may be able to help you:
- Navigate Florida state rules applying to your estate.
- Strategically plan your estate to help ensure there are no mistakes.
- Foresee consequences that may occur if every detail is not correct, like in your will, for example.
- Clarify ambiguities and close loopholes in advance to avoid estate litigation.
Get Help from an Estate Planning Lawyer in Kissimmee
Consider taking steps toward creating an estate plan. The team from Bogin, Munns & Munns may be available to help. Let a Kissimmee estate planning lawyer help protect your estate by creating an estate plan and avoiding probate. Contact our team at 407-578-9696, so we may begin to review your case.