When you pass away you definitely will not have a say in the distribution of your assets. Do you ever wonder how it will be like when people scramble for your assets? Estate planning attorneys assist you when drafting estate planning documents. Some of the documents the attorney will help you with include wills and trusts. Should anything unexpected occur, it is safe to ensure that your family is well taken care of.
It is obvious that none wants to leave their families struggling especially financially. You might be tempted to put this off because it does not impact you today. But remember whatever the future holds, you do not know! It is imperative to ascertain that the future of your estate is in the right hands. Moreover, experienced and professional real estate attorneys will help you battle the legal process lying ahead.
Practice Areas
Matters relating to estate planning are crucial and need to be handled properly since they involve loss of a loved one or rather the incapacitation of a loved one. This area of law can cause anxiety and confusion and that is why you need to seek the services of an experienced attorney. The most common practice areas of estate planning are trusts and wills.
Wills
Wills can also be referred to as the last will or testament. A will comes in handy when you want to protect your family and property. Wills are used when:
- Leaving your property under the management of an organization or people
- Naming a person/representative you trust to ensure that the terms of your will are duly executed
- Naming personal guardian(s) to look after your minor children
- Naming the person to manage the property left behind for your minor children
In Florida, if you die without leaving a will, your property is distributed according the state’s intestacy laws. Florida’s intestacy laws state that your property has to be given to your closest kin, giving preference to your children and spouse. If you lack both, your property is given to your parents or distributed among your grandchildren.
The list goes on and on with distant relatives like aunts, cousins, grandparents, siblings, uncles and your spouse’s relatives. If the court determines that you lack any living relatives either by blood or marriage, then the property is given to the state. Estate planning attorneys will help you draft a will and also keep a copy just incase your family is unable to locate your copy. The attorney will also handle matters arising with regards to minor children as well as tax implications. Moreover, the handle will also assist you where there are things which are contrary to Florida laws but you want to include them in your will.
Trust
Trust is a legal agreement whereby the trustee holds the title to the property legally on behalf of the beneficiary. You can also be the trustee to your own trust; you will have full control over the property which is deemed to be held in living trust. Unlike wills which are created upon your death, a living trust is active when you are alive.
Estate planning attorney will assist and advice you accordingly on wills and trusts.
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