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.
If you have decided you need a will, what should be your first steps? First, if you have a blended family and/or assets above the estate tax threshold then it can be particularly important to hire a good Tri-County area FL estate planning lawyer. The first step is to decide who should get what. This will be laid out in your 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 dependent children, then you should discuss with your spouse who should become their guardian if both of you were to die. This person is named in the will and would normally also administer any property they inherit until they come of age.
You may name beneficiaries to any retirement plan or bank account you have. If you have a joint account, the other person on the account will automatically be the full beneficiary. A lawyer can help you pay less in tax if your total assets exceed the threshold. Any money left to charity or a legal spouse is tax exempt. A will may also include funeral and burial arrangements.
Do not let the state decide who gets your money after you die. An experienced attorney can help you get through the complex process of drawing up your will. A professional who has experience in this area can help your beneficiaries save money.
If you have decided you need a will, what should be your first steps? First, if you have a blended family and/or assets above the estate tax threshold then it can be particularly important to hire a good Tri-County area FL estate planning lawyer. The first step is to decide who should get what. This will be laid out in your 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 dependent children, then you should discuss with your spouse who should become their guardian if both of you were to die. This person is named in the will and would normally also administer any property they inherit until they come of age.
You may name beneficiaries to any retirement plan or bank account you have. If you have a joint account, the other person on the account will automatically be the full beneficiary. A lawyer can help you pay less in tax if your total assets exceed the threshold. Any money left to charity or a legal spouse is tax exempt. A will may also include funeral and burial arrangements.
Do not let the state decide who gets your money after you die. An experienced attorney can help you get through the complex process of drawing up your will. A professional who has experience in this area can help your beneficiaries save money.
About the Author:
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