Estate planning is a series of actions you can take to protect your assets, determine where your assets go after you pass away, decide who will look after your dependents, and appoint people to make critical decisions on your behalf if you cannot voice your preferences.
Our Orlando estate planning lawyers can assist with all of your estate planning needs.
What Steps Go Into Estate Planning?
Estate planning frequently includes:
- Drafting a will: Your last will and testament should make it clear who you want to receive your assets once you pass away.
- Designating power of attorney: You can appoint someone (or multiple people) to make legal, financial, and even healthcare decisions if you are ever unable to express your wishes.
- Appointing an executor: An executor will ensure that your estate is settled properly and legally.
- Assigning guardians for dependents: If you are responsible for minor children, disabled children or other dependents, or an older relative, it is a good idea to appoint someone who will make sure they are taken care of when you are no longer able to do so.
- Setting up trusts: A trust can streamline the probate process while ensuring that your beneficiaries receive the assets you want them to have.
- Succession planning: If you own a business, you might want to appoint someone to take over as owner or manager.
To make these and other documents legally binding, you have to follow all applicable Florida laws. For example, under state law, a will is not binding unless it is appropriately signed by you and at least two witnesses.
This is why it is a good idea to consult our estate planning attorneys before you get started: doing things right the first time can save you and your family a great deal of unnecessary trouble.
To consult with an experienced estate planning lawyer today
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Who Benefits From the Estate Planning Process?
Some may assume that only rich people or people with complex financial or family situations can benefit from estate planning. This is not the case: anyone who has relatives or assets they want to protect could benefit by planning ahead.
Common reasons why people choose to proactively plan for the future include the following:
- They want to reduce the taxes that they and/or their beneficiaries have to pay.
- They want to ensure that certain people receive certain assets (or the opposite—they want to prevent their assets from going to certain people).
- They have dependents and want to make absolutely sure those dependents are cared for by a responsible, reliable individual.
- They have specific wishes regarding their healthcare and want assurance that those wishes will be carried out when the time comes.
- They do not want their loved ones to have to deal with the stress and uncertainty that so often follows when a loved one dies intestate.
Taking the time to plan your estate now can be emotionally difficult, but the resulting sense of security and peace of mind can be invaluable. Both you and your loved ones will appreciate the fact that your wishes are so clear and that there will be no confusion or arguing over your estate.
What Happens When Someone Foregoes Estate Planning?
The legal term for someone who dies without a will is “intestate.” Dying intestate could create a lot of problems for the deceased’s relatives and beneficiaries:
- The beneficiaries might not know what the deceased’s final wishes are and therefore be unable to carry them out.
- They might end up arguing over how to handle the deceased’s estate or who should get which assets.
- The probate process is typically much longer in cases where there is no will or executor.
All of this creates unnecessary stress and insecurity for the deceased’s loved ones. You can help your family avoid this uncertainty by taking the time to draw up a will and other important legal documents.
Are Estate Planning Documents Set in Stone?
Some types of documents, like irrevocable trusts, are extremely difficult to alter once they have been signed and submitted. However, most documents can be changed if necessary. Consider the following examples:
- The person to whom you granted power of attorney moves far away and can no longer fulfill their obligation, requiring you to give someone else POA.
- You sell your business to someone else, so you do not have to include succession in your estate plans anymore.
- A close relative marries and has children, and you want to make sure the new relatives are included in your will or trust.
- A relative develops Alzheimer’s or another disability, so you now have to appoint a guardian for them.
If your situation changes in such a way that any part of your estate plan is no longer valid, please speak to an attorney at once. The sooner you address the issue, the sooner your beneficiaries will once again be protected and cared for in the way you want them to be.
What Kind of Lawyer Handles Estate Planning?
An estate planning attorney assists clients with all of the steps outlined above, including creating wills and trusts and designating power of attorney. This is different from a probate lawyer, who represents families through the process of settling a deceased loved one’s estate.
Hiring an estate planning lawyer can actually make probate easier or even allow your loved ones to bypass probate entirely—for example, by helping you establish an irrevocable trust.
Our law firm includes both estate planning and probate attorneys. We are prepared to address all of your legal needs under one roof.
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Our Estate Planning Lawyers Can Help You Secure Your Family’s Future
Bogin, Munns & Munns understands how sensitive estate planning is. We can make this process as stress-free as possible by maintaining open communication with you and providing honest, experience-based legal advice in response to all of your questions. Call now to get started.
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