Many individuals neglect the planning of their estates because they feel they do not have enough assets or that they simply do not have to consider any planning at all. They are not entirely aware of such things as estate tax, creditor claims, and the nature of potential family disputes when assets are to be distributed. Oftentimes, money can cause people to do and say things that are out of character. A will and an overall estate plan put in place by your Boca Raton estate planning lawyer will serve to minimize potential conflict and effect your wishes for the passing of your assets upon your death.
Wills and Trusts
You can have a will prepared which communicates your wishes regarding the passing of your assets at your demise. The will can work in conjunction with a trust or other such accounts set up for insurance benefits and for the management of assets and the protection of beneficiaries. You can also establish a trust for charitable organizations. A personal representative is appointed by the Court to effect the directions of the will, and a trustee is named in the trust to manage the assets in the trust. A will can be revised or amended by the maker at any time, as can a trust if it is not irrevocable. The preparation of a will or trust often gives the maker significant peace of mind that his or her assets will be properly managed and distributed upon their death and can serve to reduce issues between beneficiaries that can arise when the maker is gone.
You can also make arrangements for your affairs to be taken care of in case you are incapacitated. This is addressed in a document called a “Durable Power of Attorney” in which the maker gives authority to a trusted individual to handle their affairs when they become incapable of doing so themselves. This may also include making arrangements for minor children to be cared for.
Overall, the estate plan that you have your Boca Raton trusts and estate planning lawyer establish for you should contemplate the possibility that you will become incapacitated or meet an untimely death. It is very important to make sure your affairs are taken care of for the sake of you and your family.
When you pass away, there are required processes that force a reconciliation of your liabilities and your assets. The process allows outstanding creditor claims to be satisfied, any federal or state death taxes paid and your assets distributed according to your direction. Failing to follow the probate process could expose assets to creditor claims or liens by the government, causing family members to become responsible for claims or taxes and any interest and penalties associated with them. Having an effective estate plan can streamline this process.
Contact A Boca Raton Trusts And Estate Planning Lawyer
Even if you do not have a high net worth, that does not mean you should avoid planning your estate so that matters are addressed upon your passing. You and your family deserve to have a proper plan in place so that issues arising from your death do not have to be more stressful than necessary. To find out how you can get started planning your estate, call us to schedule a consultation at 561-361-9600.