Estate planning is a complicated legal process that can help you anticipate and arrange your finances and your estate. Many individuals in Melbourne do not look forward to the estate planning process, but it is very important. Completing estate planning can make things easier for your family and protect the assets you worked to accrue during your life.
You can get help handling estate planning issues from the team at Bogin, Munns & Munns. You can reach out to us easily to get help by calling (321) 254-3939. Our Melbourne estate planning lawyers may be able to help you develop a plan that will fully meet your desires and needs.
Purposes of Estate Planning in Melbourne
You can take steps to make sure that your wishes are followed after your death by completing the estate planning process. As you grow older, estate planning allows you to ensure that someone you trust will be in charge of your finances. Estate planning may also help your family avoid stress and unnecessary expenses. A Melbourne estate planning lawyer may help you:
- Set and define your estate planning goals
- Get familiar with the terms used in estate planning
- Go over basic rules for estate tax
- Design and implement an estate plan that works for you
An estate planning lawyer at Bogin, Munns & Munns may be able to help you create clear-cut instructions for your loved ones to follow through the estate planning process.
Documents Involved in Estate Planning
The estate planning process often involves several major types of documents that you will need to complete. You can work with a Melbourne estate planning lawyer to get legal assistance as you complete a:
A will is a document that you can use to record who you wish to receive your property in the event of your death. You may also use this document to:
- Assign guardians to any minor children you have
- Set up a manager for your children’s property
- Name an executor for the will
- Determine the method used to pay your taxes or debts
We highly recommend that you set up at least a basic will to provide clear direction in relation to your wishes once you can no longer speak for yourself.
A Living Will
Living wills are documents that detail your wishes regarding medical care. For example, you can use a living will to make decisions about whether or not you want extraordinary measures to be taken in the event that you experience a major health event.
Revocable Living Trust
Some individuals in Melbourne set up a revocable living trust. Revocable living trusts function in much the same way a will does. However, you cannot name guardians or executors with a revocable living trust. Revocable living trusts may allow you to avoid probate or conservatorship. The document may also remain private following your death.
Durable Power of Attorney for Finances
You may also want to complete a durable power of attorney for finances as part of the estate planning process. This power of attorney specifically grants a person of your choosing the ability to manage your finances in the event that you can no longer do so.
Designation of Healthcare Surrogate
A living will can state your wishes for healthcare. However, you may be concerned that this document will be ignored. You can select someone you trust to represent your healthcare wishes by completing a designation of healthcare surrogate, per Florida Statute §765.202.
Probate Court and Estate Planning in Melbourne, FL
Many individuals in Melbourne focus on estate planning as a way to avoid the challenges associated with the probate court. If you do not have a will or a revocable living trust, your estate may go to probate court where your assets may be tied up for a significant amount of time. The probate court system may resolve your estate through:
- Formal administration
- Summary administration
- Disposition of personal property without administration
The probate court system will cover probate assets. Probate assets can include your bank account, investment account, life insurance policy, and real estate that is in your name. Note that these are only examples of assets that may be considered by the probate court system.
If you do not complete estate planning, your beneficiaries may only be able to take ownership of your assets with a ruling from the probate court system. However, the probate court may also take your assets to pay creditors and other debts.
Additionally, your beneficiaries will face fees and other charges through the probate court system. Find out how you may be able to avoid probate court in Melbourne by contacting Bogin, Munns & Munns. You can reach us by calling (321) 254-3939 to speak to a member of our legal team.
Focus on Your Needs With Estate Planning in Melbourne
No two people require exactly the same thing from the estate planning process in Melbourne. It is important that your estate plan covers your unique needs and the needs of your beneficiaries. To this end, your Melbourne estate planning lawyer may meet with you several times and request access to certain financial documents. Additionally, estate planning lawyers may work closely with your:
- Insurance representatives
- Financial advisors
- Certified public accountants (CPAs)
Your estate planning lawyer may also encourage you to discuss your estate plan with your beneficiaries. Considering the effect of your estate plan on your family and loved ones is generally recommended. A carefully designed estate plan can limit the stress on your beneficiaries as they move into a difficult period of their lives.
Focus on getting the help you need by reaching out to Bogin, Munns & Munns for help today. We may be able to help you through every step of the estate planning process.
Contact a Melbourne Estate Planning Lawyer Today
You can get help handling estate planning in Melbourne by reaching out to Bogin, Munns & Munns. An estate planning lawyer in Melbourne can take steps to provide you with the legal guidance you need to arrange for the dispensation of your assets. Contact us to review the documents you need to complete during the estate planning process. You can call us at (321) 254-3939 to get a consultation.