You need not wait till you are old before you plan your estate as you never know when you will draw your last breath. There exist numerous reasons why you should make plans for your estate. When you die, your assets won’t be buried with you. They will be left here on earth and what will happen to them will depend on if you created an estate while you were alive or not.
Those luxury cars of yours, your investments, your houses, your insurance, etc., will have to be transferred to someone else after your death. If you planned your estate, you get to decide who gets a share of your estate and who gets to manage a portion of your estate, etc. Estate planning is the best way to ensure that your assets or properties don’t fall in the wrong hands upon your death.
By planning your estate, you are indirectly securing your future and that of your loved ones. If you fail to plan your estate upon your death, your asset will be distributed and managed based on the intestate law. This process can be very stressful, time-consuming, and it can also be expensive. You certainly wouldn’t want your family and loved ones to go through so much stress while you are gone.
If you leave this earth without planning your estate, the court will have to choose guardians for your little children who will take care of them till they are 18. At 18, they become eligible to have a portion of your estate. Your children may end up not liking their guardian and this could result in a bad experience and upbringing for them. If you plan your estate, you get the chance to select guardian for your children and at a certain age, they will be eligible to tap from your estate plan should you include them in your will.
We hear the word “will” all the time but do you really know what it means? Well, if you don’t, you are about to find out. A will is basically a legal document that displays the wishes of a deceased. It consist of the beneficiaries of the deceased, how he wants his estate to be shared. A will also contains the name of the executor. Who is an estate executor? An estate executor is an individual who is chosen by the estate owner to act as his or her representative. It is his job to ensure that the deceased wishes are fulfilled. After the demise of the decedent, the will undergoes a process that is known as probate.
Probate– which is the first step to be taken when administering the estate of a dead person- is carried out to ascertain the validity of a will. Probate is also regarded as the administration of a dead person’s will or the estate of a dead person without a will.
Probate can tarry for a very long time, though this hinges on factors such as the circumstances surrounding the will. Probate is often done in the probate court. If you find yourself battling probate and you want things to go on smoothly ensure you hire the best probate attorney ad ensure that all required documents are made available.
If it is your intention to escape the stressful and expensive probate process, the best way you can do that is by creating a trust. That brings us to the question: what is really a Trust? A trust can simply be regard as a medium that is used to transfer money or properties from one person to another so as to avoid estate taxes, stress, and most importantly, probate.
If you have a wise lawyer he or she will advise that you create a trust while alive so as to reduce the stress that comes with transferring your assets and properties.
If you reside in Florida and you need help or advice about planning your estate, you can contact one of our estate planning lawyers. They boast of the experience and expertise and can help you plan your estate just as you want it.