Statistics show that a little more than half of all American do not have a will when they die. If you do not have a will, state regulations will determine who receives your assets. If you want control over what happens to your money after you are gone, you need to talk to a tri-county area FL estate planning lawyer.
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.
Sometimes an attorney will suggest starting a living trust to avoid the cost of probate. Trusts do incur costs of their own, so they are not always the best solution. An experienced lawyer can advise you on this matter.
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.
Also, your bank account and retirement plans can have named beneficiaries. In the case of joint accounts this is automatically your spouse, but you can then name another beneficiary, such as a child. If your estate is more than the estate tax threshold, you should seek a lawyer's advice on the best way to reduce the tax owed - bearing in mind anything you leave to your spouse or a registered charity is exempt. You should also include in your will the funeral arrangements you prefer.
Determining what happens to your estate after your death is a complicated matter. An attorney with experience in this field can offer the best advice for making out a will. With the proper assistance, you can reduce the taxes owed and save on other costs.
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.
Sometimes an attorney will suggest starting a living trust to avoid the cost of probate. Trusts do incur costs of their own, so they are not always the best solution. An experienced lawyer can advise you on this matter.
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.
Also, your bank account and retirement plans can have named beneficiaries. In the case of joint accounts this is automatically your spouse, but you can then name another beneficiary, such as a child. If your estate is more than the estate tax threshold, you should seek a lawyer's advice on the best way to reduce the tax owed - bearing in mind anything you leave to your spouse or a registered charity is exempt. You should also include in your will the funeral arrangements you prefer.
Determining what happens to your estate after your death is a complicated matter. An attorney with experience in this field can offer the best advice for making out a will. With the proper assistance, you can reduce the taxes owed and save on other costs.
About the Author:
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