why you should see an estate planning attorney

Another important reason for you to call an estate planning attorney is when you are diagnosed with a chronic or terminal illness. Such illness may result to physical or mental incapacity or even death. If you have a serious illness, it is best and high time to have an attorney at your side. Plan ahead and make decisions while you still can.

Full Answer

Why is estate planning so important?

Estate planning is important for everyone, no matter their age or wealth. Estate planning avoids taxes and legal tie-ups, and ensures funds are bequeathed as you wish. An estate plan appoints the right people to take care of your kids and even you if you're incapacitated.Jan 14, 2021

What are the four important estate planning factors?

The Estate Planning Must-HavesWill/trust.Durable power of attorney.Beneficiary designations.Letter of intent.Healthcare power of attorney.Guardianship designations.

What is the main idea of estate planning?

Estate planning ensures that all your assets – physical, financial and online – are inherited by the people to whom you want them to be transferred after your demise. The law might not take into account your personal relationships or preferences while distributing your assets if you die intestate.

What are the main steps 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

Is estate planning as simple as saying who should get the good china when you're gone?

Estate planning isn't as simple as saying who should get the good china when you're gone. There are lots of situations that could make your planning a little more complicated.

Should I set up a trust for my kids?

If you have younger children, you might want to set up a trust to make sure that they're taken care of in case you pass away. This is a little bit more complicated than just leaving money to your kids since they can't be responsible for it until they become adults.

Do I need to include business in estate planning?

If you own a business, you'll need to include that in your estate planning, too. This is another factor that can make planning a major headache -- which is where attorneys are so helpful.

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.

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 .