At Bogin, Munns & Munns, our team understands that some people do not enjoy considering the process of estate planning. While considering end-of-life affairs is never pleasant, this legal process does not have to be stressful.
By hiring us, you may be able to get legal help setting up an estate plan that meets your needs and ensures your wishes are followed in the event that you become incapacitated. Speak to our estate planning lawyer team in Saint Cloud, Florida to discuss what you want to get out of an estate plan by calling (407) 578-9696.
Reasons to Set Up an Estate Plan in Saint Cloud
Setting up an estate plan may have many benefits for you and your loved ones. You may want to work with an estate planning lawyer in Saint Cloud to get the most out of your estate plan. Depending upon the way you set up your estate plan, it may:
- Keep your assets out of the probate court system
- Protect your beneficiaries from facing high taxes
- Ensure your assets go to your spouse, children, or other selected individuals
Setting up an estate plan that is legally binding may remove the stress from the transfer of your assets. Additionally, estate planning may be important if you own or operate a business in Saint Cloud. The continuity of your business may be disrupted if you do not have clear directives in place.
If you want to start estate planning and take advantage of this legal process, consider reaching out to the team at Bogin, Munns & Munns to go over all of your legal options in relation to estate planning by calling (407) 578-9696.
Keep Estate Planning on Track in Saint Cloud
You may be able to get legal help setting up an estate plan in Saint Cloud that meets your specific needs. A lawyer may discuss your financial situation and your wishes. Based on this information, a lawyer may be able to craft an estate plan that gives you peace of mind.
You may need to complete a number of legal documents during the estate planning process. Depending upon your situation and what you want out of estate planning, your lawyer may advise that you complete a:
Last Will and Testament
Your will potentially provides information about the distribution of your property and assets. If you have children, you may also use your will to select a guardian to care for them in the event of your death. Note that, even if you have a valid will, the probate court system may step in to execute it.
Trusts represent a way for you to potentially leave your assets in the care of a third party. This third party may be called a trustee. Trusts may allow you to avoid probate court so that your assets may be passed on in the way that you wish. There are many different types of trusts, including:
- Credit-shelter trusts
- Qualified personal residence trusts
- Irrevocable life insurance trusts
An estate planning lawyer in Saint Cloud may be able to go over the differences between each kind of trust. You can select a trust option that may work best for you.
Power of Attorney (POA)
You may use a power of attorney (POA) to give someone else the ability to make decisions for you in the event that you become incapacitated. A POA may also give someone else control over legal or financial decisions if you are not present and they have your permission.
Living wills in Saint Cloud may give you the chance to make decisions about health care services you want in advance. For example, you may give your approval for certain life-saving measures to be taken. You may also want to set up a health care directive to make your wishes about these matters clear.
Understand Florida’s Probate Court System
The probate court system in Florida may step in to distribute your assets. Generally, the probate court will handle distribution if you left behind a will. The court should follow the directives left behind in your will to ensure that your assets are divided according to your wishes.
However, the probate court system may take fees and other costs out of your assets. This may cut into the funds that you intended to go to your spouse, children, or other beneficiaries. You may be able to keep your estate out of the probate courts by setting up a trust.
In some cases, trusts may pass along your assets outside of the probate court system. This means your assets may not be subject to taxes or court fees. Additionally, the funds passed on through a trust are typically not recorded in the public record, which may allow your beneficiaries to retain their privacy.
Additional Benefits of a Trust as Part of Estate Planning
Trusts may offer you control over your assets and wealth. Some individuals in Saint Cloud are interested in including a trust as part of the estate planning process because they offer control over your legacy.
Setting up a trust may allow you to keep your estate out of probate court. Your beneficiaries may be able to receive your assets more quickly in this situation. Trusts may also reduce the amount of real estate taxes faced by your beneficiaries.
There are many different types of trusts that you can set up in Saint Cloud. You may want a marital trust, a generation-skipping trust, or even a charitable lead trust. These are only examples of the kinds of trust you may set up as part of your estate planning. Learn more about all your options with a Saint Cloud estate planning lawyer.
Call a Saint Cloud Estate Planning Lawyer
It’s never too early to start the estate planning process in Saint Cloud. You may reach out to the team at Bogin, Munns & Munns to discuss your financial situation. Call (407) 578-9696 to speak with a member of our legal team. Focus on protecting your legacy by working with a Saint Cloud estate planning lawyer. Get a free consultation to learn more about your options.