Everyone should have an estate plan. But, developing an estate plan without the assistance of an estate planning law firm can lead to an ineffective estate plan that fails to satisfy your needs and wishes.
What Is Estate Planning?
Your estate is the total property that you, as an individual, own. You must develop an estate plan to ensure that the property comprising your estate is properly distributed.
Developing an estate plan allows you to choose who your assets go to while also maximizing the amount of wealth from within your estate that your beloved beneficiaries will be able to receive.
It is necessary to go through the estate planning process to develop an effective plan. Doing so allows you to clarify your needs/wishes and then create a plan that aligns with those needs/wishes.
Who needs estate planning?
What Are The Benefits Of Estate Planning?
The act of planning your estate offers many benefits. Some of these benefits are as follows:
- You can choose who your assets go to.
- You can appoint a trusted guardian for your minor children.
- You can minimize the taxes your estate owes.
- You have the power to grant power of attorney to a reliable individual.
- You can avoid the probate process.
All of these benefits, as well as the many others that estate planning offers, ensure that you, and your beneficiaries, are taken care of.
Why Do You Need A Lawyer For Estate Planning?
A wide variety of documents comprise an estate plan. Some of the most notable documents that are included in an estate plan are as follows:
- A durable power of attorney.
- A last will and testament.
- A trust.
- Designations for your beneficiaries.
- A durable medical power of attorney
Every single one of these documents is rooted within complex legal frameworks that are often difficult to understand and work within.
When you write these documents without being aware of the legal frameworks that they are rooted within, you can make mistakes.
Even the most minor mistakes can invalidate the documents that comprise your estate plan. When this happens, critical facets of your estate may no longer function, or they may be challenged, which can comprise your needs and wishes.
Outside of those documents, the overall act of estate planning involves a wide variety of different areas of law and various actions, all of which are complex. If you aren’t aware of how to operate within, it can make developing certain facets of your estate plan far more challenging.
To ensure that your estate plan is comprehensive, fundamentally effective, and legally sound, you must speak with an estate planning law firm. By doing so, you will be able to develop an estate plan that aligns with your needs and wishes and is legally sound and effective.
Speak With An Estate Planning Law Firm Today
Planning your estate is complex and challenging. But, by speaking with a Florida estate planning law firm today, we at Hoyt & Bryan will assist you in developing an estate plan that is perfect for you and your beneficiaries.