55% of Americans die without a will - and thus their estate becomes entangled in the specific laws of their state. Although these laws are designed to fit what the state thinks is a common pattern for how property should be distributed, they might not fit your wishes. A tri-county area FL estate planning lawyer can help you avoid that problem.
It is even more important to enlist the help of a professional if your assets total higher than the threshold for estate tax, if you are part of a blended family, or both. After contacting an attorney, the first step is to determine how to distribute the assets. These details will become the main focus of the will.
Attorneys may advise a client to start a living trust to eliminate probate costs. This does not always have the desired effect because there are costs associated with living trusts. This is an area where having a qualified attorney on your side will be a benefit to you.
If you have young children, you want to include information about guardianship after your death. Guardians are typically in charge of the portion of the estate the child inherits until that child reaches adulthood. You will likely name your spouse as guardian but you should have someone else in mind if both of you die.
Also, your bank account and retirement plans can have named beneficiaries. In the case of joint accounts this is automatically your spouse, but you can then name another beneficiary, such as a child. If your estate is more than the estate tax threshold, you should seek a lawyer's advice on the best way to reduce the tax owed - bearing in mind anything you leave to your spouse or a registered charity is exempt. You should also include in your will the funeral arrangements you prefer.
Determining what happens to your estate after your death is a complicated matter. An attorney with experience in this field can offer the best advice for making out a will. With the proper assistance, you can reduce the taxes owed and save on other costs.
It is even more important to enlist the help of a professional if your assets total higher than the threshold for estate tax, if you are part of a blended family, or both. After contacting an attorney, the first step is to determine how to distribute the assets. These details will become the main focus of the will.
Attorneys may advise a client to start a living trust to eliminate probate costs. This does not always have the desired effect because there are costs associated with living trusts. This is an area where having a qualified attorney on your side will be a benefit to you.
If you have young children, you want to include information about guardianship after your death. Guardians are typically in charge of the portion of the estate the child inherits until that child reaches adulthood. You will likely name your spouse as guardian but you should have someone else in mind if both of you die.
Also, your bank account and retirement plans can have named beneficiaries. In the case of joint accounts this is automatically your spouse, but you can then name another beneficiary, such as a child. If your estate is more than the estate tax threshold, you should seek a lawyer's advice on the best way to reduce the tax owed - bearing in mind anything you leave to your spouse or a registered charity is exempt. You should also include in your will the funeral arrangements you prefer.
Determining what happens to your estate after your death is a complicated matter. An attorney with experience in this field can offer the best advice for making out a will. With the proper assistance, you can reduce the taxes owed and save on other costs.
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You no longer need to look in the local papers for a competent Tri-County Area FL estate planning lawyer. For utmost convenience, take a look at this web page now at http://www.trustwallach.com/.
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