Failing to complete a will prior to death can leave your assets in limbo. The state of Florida has specific laws governing how to distribute the wealth and if you had something else in mind, your heirs are out of luck. Consulting with a tri-county area FL estate planning lawyer can ensure that your wealth is distributed as you wish.
People in blended families should always consult a qualified attorney when thinking about how to write an effective will. Estates totaling higher than a certain threshold are subject to taxation, so they also require special consideration. The first thing to do when creating this document is to choose who will receive your assets.
In some cases, a living trust can help avoid probate costs - however, this does not always work, as the trust itself incurs costs - this is the kind of thing you should run past an estate planning lawyer.
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.
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.
If all of this sounds complex - it is. Contact an estate planning lawyer for guidance and to help reduce tax burden and other costs you may leave behind.
People in blended families should always consult a qualified attorney when thinking about how to write an effective will. Estates totaling higher than a certain threshold are subject to taxation, so they also require special consideration. The first thing to do when creating this document is to choose who will receive your assets.
In some cases, a living trust can help avoid probate costs - however, this does not always work, as the trust itself incurs costs - this is the kind of thing you should run past an estate planning lawyer.
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.
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.
If all of this sounds complex - it is. Contact an estate planning lawyer for guidance and to help reduce tax burden and other costs you may leave behind.
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