why would an estate planning attorney call

Why choose colleagues of Tampa estate planning?

May 20, 2019 · This is perhaps the most common and practical reason for calling an estate planning attorney. Your attorney will make it easier for you to handle the real estate or personal property of your deceased loved one. The attorney will determine the actions that need to be taken; such as distributing the personal property of the deceased or securing, cleaning out or …

Why is estate planning important?

An estate planning attorney can also be called upon to guide anyone with power of attorney over a recently deceased person's estate through the process of probate court. In fact, a good estate planning attorney may be able to help you avoid probate court altogether, but that largely depends on the type of assets in the deceased's estate and how they are legally allowed to be transferred.

What is the estate planning process?

An estate planning attorney has a professional responsibility and the needed skills to truly help you. However, they do more than just that. The estate planning attorney will help you fine-tune your wishes, gain clarity on what you want to happen during life and at death, and translate that into the legal documents that ensure your goals are accomplished.

What happens if you don’t have an estate plan?

Estate planning is the process of planning or deciding how your estate—your real and personal property and assets—will be passed down to your heirs and beneficiaries.. We need estate planning in Texas because of what will happen in the absence of an estate plan. In Texas, if you don’t have a will or any other estate planning documents, “Intestacy Laws” take over.

What does an estate lawyer do?

An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.

What is an estate planning meeting?

An estate planning meeting will allow your financial advisor and attorney to get a clear picture of your situation and you and your family's financial goals. Estate planning is much more than what relates to children and personal property. There are many facets to be considered that may not be top of mind for most.Jul 8, 2021

What is the estate planning process?

Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

What do planning lawyers do?

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 5 components of estate planning?

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

What information is needed for estate planning?

Estate planning checklistLast will and testament. ... Revocable living trust. ... Beneficiary designations. ... Advance healthcare directive (AHCD) / living will. ... Financial power of attorney (POA) ... Insurance policies and financial information. ... Proof of identity documents. ... Titles and property deeds.More items...•Oct 12, 2021

What is the first step in estate planning?

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

What are the objectives of estate planning?

Objectives of Estate PlanningAssets transfer among beneficiaries: Every individual wishes to transfer his accumulated wealth among his legal heirs or beneficiaries. ... Lower tax payment: One of the most important objectives of the estate planning is that transfer of maximum wealth and payment of minimum taxes.More items...

What are the four important estate planning factors?

Here is a list of items every estate plan should include:Will/trust.Durable power of attorney.Beneficiary designations.Letter of intent.Healthcare power of attorney.Guardianship designations.

Is planning law interesting?

RW: Planning and environmental law is unique: it is highly specialised but affects people's everyday lives. It matters. Other areas of the law can be much more academic, whereas planning is very much grounded in decisions which have a real influence on our towns, cities and landscapes.

Is Duncan Lewis a good firm?

'Duncan Lewis is the leading immigration firm, with extensive experience in immigration appeals, judicial reviews and immigration civil and public law matters. They have a very large team with many excellent practitioners. ... I believe Duncan Lewis is one of the most diverse firms in the immigration field.

Can a solicitor help with planning permission?

A solicitor who deals with planning law can help with all planning permission matters, and will be able to: Advise whether you need planning permission.

How to avoid probate?

However, simply executing a simple will does not avoid probate. You will have to either: 1 Create a revocable trust and transfer your assets into the trust during your lifetime 2 Own your assets jointly with your spouse (or someone else), or 3 Provide for the disposition of your assets pursuant to a transfer on death (TOD) or beneficiary designation.

Why is smart estate planning important?

Smart estate planning helps protect families with young children as well as helping your heirs from overpaying on taxes. The simple fact is that without a plan in place, you won’t get to choose who gets what. In this post, we’re going to give you several reasons why estate planning is important to ensure your loved ones are taken care ...

What is probate in a will?

Probate is the court-supervised process of authenticating your will (if you made one), assessing the value of your assets, paying off any remaining bills and taxes, and then distributing whatever is left of your assets to who the court deems to be your rightful heirs. If that sounds like a lot, it’s because it is.

Is estate planning for the wealthy?

As we mentioned, estate planning isn’t just for the wealthy. Most – if not all – families will have some things to leave behind as part of their estate. Whether that be your family home, a second vacation home, stock portfolios, real estate investments, or even your most cherished possessions, there are many different things you might own that will fall under what is considered to be your estate.

Why do you need an estate plan?

Another major reason to set up an estate plan is to state and/or federal estate taxes, or state inheritance taxes on estates above the exemption amount. These taxes can be a big hit to your overall estate, which means you will be leaving significantly less than you intended to your heirs.

What happens if you don't have a power of attorney?

If you have not set up the power of attorney to make financial decisions should you become incapacitated due to a physical accident or mental illness, then no one in your family will have the legal right to use your assets to pay for your living expenses or be able to execute documents on your behalf. This even includes your spouse. In the absence of a power of attorney is an expensive and lengthy court process to administer a conservatorship on your behalf. Setting up a power of attorney in your estate planning can help you avoid such a situation.

Can an adult beneficiary make bad decisions?

It’s not just your children that will need protecting — adult beneficiaries could often use the help of a solid estate plan as well! There are several factors that can lead to an adult beneficiary making bad decisions with their inheritance, such as outside influences, creditor issues, or a divorce.

What is a trust in a trust?

A trust is a legal agreement authorizing a third party – the trustee – to hold your assets on behalf of your beneficiaries. You would typically use a trust if, for instance, your children are too young to manage your transferred assets themselves. Your trustee would hold the assets for them until they are of age.

What is a Durable Power of Attorney?

For example, you may authorize a trusted friend to handle your finances, business, or healthcare. The most common is a Durable Power of Attorney which designates someone to handle your financial affairs even if you become disabled or lose capacity.

Why is divorce so difficult?

Your life is deeply intertwined with the life of your spouse. One of the main reasons why divorce is so challenging is that there is simply a lot that needs to be untangled. Not only is this true on an emotional level, but it is also true on a more mundane, practical level. For example, your former spouse’s name may need to come off of important documents and accounts.

Is it advisable to have stale estate planning documents in Florida?

That is simply not the case. It is usually not advisable to have stale estate planning documents that name an ex spouse.

Tampa, Florida estate planning and estate litigation attorneys you can trust

Whether you want to protect your assets for future generations, need assistance with guardianship or administering an estate, or have an issue with Tampa probate in court over provisions in a will or trust, there is no greater comfort than knowing your interests are protected by highly specialized estate planning lawyers based in Tampa who handle cases throughout the entire state of Florida..

When you need a Tampa Estate Planning Lawyer

We take pride in our sincere desire to understand your needs and those of your family, and to provide workable solutions. Whether those solutions involve a simple will preparation or staunch advocacy in court, you can rest assured that we will provide the highest quality legal service of any probate lawyers in Tampa .