It is never too early to make plans regarding your end-of-life medical care or your final wishes regarding the assets that you own. The estate planning process can help you make these challenging decisions and provide you with peace of mind that could last for the rest of your life.
There are numerous options available to a Saint Cloud resident during the legal process. While estate planning is complex, it does not have to be difficult for you to make plans for the future.
With the guidance of a Saint Cloud estate planning lawyer, you could develop an estate plan that could take care of your loved ones after you are gone. To get started, dial (407) 556-3994 to begin a consultation with Bogin, Munns & Munns.
Estate Planning Benefits Both You and Your Loved Ones
There is a common misconception that estate planning is reserved only for the wealthy. The reality is that most people could benefit from a comprehensive estate plan. This is true regardless of your age or income. An estate plan could ensure that your rights are protected during your life as well as after you pass away.
These plans can ensure that your medical decisions are respected even when you no longer have the capacity to make these decisions on your own. Well-detailed estate planning could also enforce your final wishes after your passing. This could include limiting your loved one’s tax burdens and ensuring your heirs receive the properties you want them to receive.
How Our Legal Team Can Serve You
Your estate planning attorney could assist you in countless ways. Each estate planning tool has a variety of technical requirements, and a single mistake could upend your entire plan. Your lawyer could help you avoid these errors by carefully drafting and reviewing your documents before they are executed.
Your Lawyer Can Prevent Your Case from Going to Probate
Working with an attorney could reduce the likelihood of litigation after your passing. One of the consequences of an incomplete or confusing estate plan is the potential for conflict between your loved ones. By carefully drafting your will or trust documents, your attorneys could eliminate ambiguities and ensure that every technical requirement is met.
A Lawyer Can Help You Understand How Taxes Affect Your Estate Plan
There can be unexpected tax consequences that come with a poorly designed estate plan. Your attorney could advise you on these consequences and help you make the decisions that will avoid an unnecessary tax bill for your loved ones.
These are only two considerations that come with the estate planning process. A lawyer can give you a comprehensive overview of this process and provide help accordingly.
Estate Planning Involves Wills and Trusts
Wills and trusts are two of the basic building blocks of many estate plans. These legal documents can work hand-in-hand to provide flexible options during the testator’s life, as well as following their passing.
A Lawyer Can Help You Write a Will
A will is one of the most commonly used estate planning tools. This legal document sets out the testator’s final wishes for their property, as well as other issues, including the custody of their minor children.
When authorizing your will, you must sign the document along with two witnesses, per Florida Statute § 732.502. A lawyer from Bogin, Munns & Munns can help you meet these requirements.
Additionally, they can also advise you on any laws that may affect your final wishes. For instance, according to Florida Statute § 732.302, it is very difficult to disinherit minor children. You can, however, leave out your adult children.
A Lawyer Can Also Help You Create a Trust
Trusts are governed by the Florida Trust Code. There are many different types of trusts available under the law, and each of them serves varying purposes.
Some examples of trusts include:
- Living revocable trusts. These trusts have the most in common with a will, as they are used to distribute your assets upon your passing. One benefit they have over a will is that they can be used to avoid probate court entirely.
- Spousal lifetime access trust (SLAT). With this type of trust, a married couple may place assets into a trust that are available for the surviving spouse after the other spouse passes.
- Dynasty trust. This form of trust exists so that a trust creator can pass down their assets to a child or grandchild. This trust avoids transfer taxes.
These are only a handful of the trusts available under state law. Before you initiate a trust, consider how Bogin, Munns & Munns can help you understand your estate planning options.
Other Aspects of Estate Planning
There are many tools and options available during the estate planning process. From living wills to trust documents, you have an array of choices to detail everything from your end-of-life care to what happens to your possessions when you are gone.
Yet, wills and trusts are not the only aspects of the estate planning process.
A Saint Cloud estate planning lawyer can also help you:
- Determine who should have custody of your minor children
- Name your will’s executor
- Designate a durable power of attorney
- Set up a guardianship or conservatorship
- Name beneficiaries for any life insurance policies or retirement accounts
Given how different every person’s estate is, it is impossible to find a one-size-fits-all approach to estate planning. You deserve an estate plan that is tailored to your specific needs and desires. This process starts with a careful review of your financial situation and a discussion of your final wishes.
The lawyers at Bogin, Munns & Munns understand the importance of a strong estate plan. If you are ready to talk about the future, a Saint Cloud estate planning lawyer is ready to help. To get started, call (407) 556-3994.
Discuss Your Options with Bogin, Munns & Munns
Crafting an appropriate estate plan could erase much of the worry you have regarding the future. Not only could your estate plan provide you with peace of mind, but it could also ensure that your wishes are respected after you are gone.
The attorneys of Bogin, Munns & Munns understand the importance of certainty when it comes to the future. We know the power of a well-made estate plan, and we are ready to assist you in preparing for the future.
If you are ready to learn about working with a Saint Cloud estate planning lawyer, call (407) 556-3994.