Probate is the legal process whereby a will is "proved" in a court and accepted as a valid public document that is the true last testament of the deceased. The granting of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person's property under a will.
In addition to educating you about the probate process, an estate planning attorney can assist you with the following tasks: Creating a will; Designating your beneficiaries; Establishing durable power of attorney and medical durable power of attorney; Finding ways to reduce and avoid estate tax when possible; Finding ways to avoid the probate court process
May 06, 2021 · Your estate plan needs to be indisputable, otherwise your assets can get tied up in probate, which could prove costly. Estate planning attorneys know the ins and outs of what documents you need to prepare, how you need to structure them, and the process of executing your plan when you’re no longer around. The right estate planning lawyer can also help you …
Jul 08, 2015 · Many estate-planning attorneys charge flat fees, instead of billing by the hour. Some do both, where they charge a fixed rate for standard services like establishing a trust, then charge an hourly ...
As you get ready for your first meeting with an estate planning lawyer, you should plan to bring certain documents and information with you. This information will help your attorney develop an estate plan suitable to your specific situation and goals. This list is only meant to be a guide, and there may be additional information your attorney will request.
A good estate plan is comprised of five key elements: Will, Trust(s), Power of Attorney, Health Care or Medical Directive and Beneficiary Designation. A will is a legally binding document that directs who will receive your property and assets after your death.Nov 8, 2017
The Estate Planning Must-HavesWill/trust.Durable power of attorney.Beneficiary designations.Letter of intent.Healthcare power of attorney.Guardianship designations.
An estate planning attorney, also referred to as an estate law attorney or probate attorney, helps in the estate planning process by putting your wishes for incapacity and death into writing. This attorney will know the correct documents to use and will present options to ensure your goals are correctly carried out.
The 4 Major Components of a Will ExplainedTestator Information and Execution.The Executor and Their Powers.Guardianship of Dependents.Disposition of Assets.
Here are some examples of documentation that could be included in your in case of death file:Will.Living trust.Power of attorney.Life insurance policy.Birth certificate.Marriage license.Bank and credit card accounts.Loan documents.More items...
Seven steps to basic estate planningInventory your stuff. You may think you don't have enough to justify estate planning. ... Account for your family's needs. ... Establish your directives. ... Review your beneficiaries. ... Note your state's estate tax laws. ... Weigh the value of professional help. ... Plan to reassess.Jan 11, 2022
Top 10 Questions to Ask While Creating a Living Trust#1 What Assets Do I Want to Protect? ... #2 How Complex Are My Estate Planning Needs? ... #3 Who Do I Want to Manage My Property? ... #4 Am I Concerned My Children Won't Manage My Assets Responsibly After I Pass? ... #5 Do I Anticipate Family Conflict After I Pass?More items...•Oct 26, 2018
Some questions you should discuss with your wills and probate solicitor are:What will my funeral arrangements be?Who will get my property and assets?What happens to my debts?Who will look after my non-adult children?What will happen to my pets?What will happen to my business?Will Inheritance Tax be payable?More items...
Negotiating and drafting planning obligations for landowners, developers, local authorities and funders. Planning appeals, including advocacy at public inquiries and hearings. Interpretation of planning permissions and conditions, and advice on safeguarding planning consents.
What are the Most Important Things to Put in a Will?Personal Information. This should go without saying, but your will should include basic information about you to be official. ... Last Will and Testament Verbiage. ... Property and Assets. ... Beneficiaries. ... Executor. ... Guardianship. ... Signatures.
A living will is a written, legal document that spells out medical treatments you would and would not want to be used to keep you alive, as well as your preferences for other medical decisions, such as pain management or organ donation.
If you want to leave a particular gift or item to someone then this is called a specific legacy. It should always be referred to in your will as "my". ... This type of gift is called a pecuniary legacy. It doesn't specify what part of your estate it should be paid from so it is paid from your general estate after death.Mar 2, 2020
As you age, the importance of estate planning becomes clearer and clearer. What will you leave behind to loved ones, and how will you divide your assets in a way that ensures your legacy will be carried on the way you want?
[1] Mercer Advisors is not a law firm and does not provide legal advice to clients. All estate planning documentation preparation and other legal advice is provided through Advanced Services Law Group, Inc.
When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation
It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...
Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.
The advantages of setting up a living will include: 1 Handling distribution of property 2 Avoiding probate 3 Minimizing estate taxes 4 Tax advantages 5 Designation of asset distribution
Lawyers should be asking what is estate planning software? Because it is a great resource and is another way in which new technology is transforming traditional jobs to make them easier. The legal profession is an age-old occupation that, many would argue, does not move with the times as fast as other industries.
The part that takes care of all their living assets upon their death. Even for the professionals, it can be tricky and mistakes are possible. Estate planning components often overlap each other. Clients need to know what their wishes are in the event of their death to accurately execute estate planning.
This part of the estate plan may not technically be a legal document, but it remains highly important. This will give the executor or trustee (will vs trust designator) important information about the clients' wishes. It can also give detailed information about how to contact family and friends.
By using online estate planner tools, you can improve your practice's workflow and overall work product quality. You can ensure that the right documents get created, so your clients have everything they need for complete protection of their estate.
The advantages of setting up a living will include: Handling distribution of property. Avoiding probate. Minimizing estate taxes. Tax advantages. Designation of asset distribution.
It’s important to remember that estate planning software is designed for planners. These are the lawyers who revel in saving themselves time. It can streamline the case and make it more efficient but it can’t do the entire case for you.
You may think a will is all you need to create an estate plan. A will can be part of an estate plan, but a will, by itself, is not an estate plan.
Most people have complicated family or financial situations. You’d be surprised at how the law treats different circumstances if you don’t have an estate plan.
There is no such thing as a “set it and forget it” estate plan. Wills, trusts, powers of attorney, and other legal documents aren’t something you prepare once and never revisit.
Estate Planning helps clients obtain control over their assets and where they go upon their death. Florida has certain ‘default’ provisions in place dictating where you assets go upon your death in the event you do not have a Last Will & Testament (not to be confused with a Living Will).
Trust. Trusts are the most flexible and complex of the estate planning tools. They are recommended for people for tax preparation/preservation whom have larger estate assets and/or have multiple parcels of real property, sometimes in multiple states.
In the event you pass away without a will, Florida has default provisions in place dictating where your assets go. This can lead to unintended consequences in which a long lost relative or grandchild that you have never known gets your assets as opposed to a relative you actually like and see daily.
Powers of Attorney allow you to designate another person to deal with your assets while you are alive. This is often called the ‘finance’ document. A Power of Attorney can be useful if you are unavailable (travelling out of the country), or unable (disabled, ill, or unconscious) to make financial transactions or decisions on your own. This document is very powerful and can be useful to avoid guardianship procedures. However, Florida law is very strict on how these need to be executed in order to be valid.
A person makes an estate plan to provide for his or her lifetime physical and financial needs, as well as the distribution of his or her estate upon death. An estate plan may include a will and/or a trust, a living will, a designation of health care surrogate, and a power of attorney, as well as other documents.
A comprehensive estate plan does more than just distribute your assets upon your death. Ideally, an estate plan should prepare for every contingency with respect to one’s person and one’s property both during life and after death.
A durable power of attorney is a legal document that authorizes another person to manage the grantor’s financial affairs. The most common use of the power of attorney is to allow the appointed individual to write checks for the payment of bills for the grantor. A living trust also called a revocable trust, is a trust that is created ...
A living trust also called a revocable trust, is a trust that is created and becomes effective during the grantor’s lifetime. A revocable trust provides the grantors with the benefits of the trust during their lifetime. Upon the grantor’s passing, the assets are distributed to the beneficiaries.
While a living will handles your wishes while you are still alive, a last will and testament articulates exactly what you want to happen after your death. It gives you direct control over your assets and the future of your entire estate. From establishing payment frequency to beneficiaries to protecting your most important belongings, your last will and testament makes all sorts of arrangements possible. During your consultation with our Wesley Chapel estate planning attorney, we will help you arrange the simple and assured transfer of assets to your loved ones after your death.
An estate is comprised of everything you own, like your car, home, bank accounts, investments, insurance policies, and personal possessions. An estate plan establishes exactly how all of your assets and most important belongings should be handled after your incapacitation or death.
A living will outlines your specific requests for end-of-life and emergency care. If you become so sick or injured that you are unable to communicate your desires in the middle of a medical crisis, your living will provides all important information. This minimizes conflicts among your family members as they make decisions about your care. A living will gives you a voice, even when you can’t use your own.
Health Care Surrogate Designation. A health care surrogate is the person empowered to make decisions on your behalf if you ever become incapacitated. This person will honor the wishes of your living will and make all decisions in the best interests of your desires.
While a health care surrogate only handles your health care priorities when you become incapacitated, a power of attorney is tasked with managing all of your affairs if you ever become unable to do so. Selecting the right agent as your power of attorney is a major decision best made with the support of an experienced estate planning attorney. When you work with a lawyer at North Tampa Law Group, you will have all the support you need differentiating between and selecting a non-durable, durable, or springing power of attorney who you can trust to act in your best interests.