If you're like many of our new clients, you have been avoiding meeting with an estate planning attorney because you don't know what you want your will to say. You know you will have to choose guardians for your young children, name an executor for your estate, and decide who will inherit your valuables. These are tough decisions to make, and many people avoid making them for as long as possible. However, you don't have to have all the answers when you first come to us to talk about your estate plan. Attorney Ben Patton will walk you through your options and help you commit to a plan that accomplishes all of your goals.
Why Everyone Needs a Last Will and Testament
Regardless of your age or net worth, you should have a will to ensure that your wishes are carried out after you pass away. Some of the most important reasons to have a will include the following:
- Control over asset distribution. A will allows you to specify how you want your assets distributed after you die. Without a will, your estate will be distributed according to state law, which may not align with your wishes.
- Choice of executor. With a will, you can choose an executor to manage your estate and carry out your wishes. Without a will, the court will appoint an executor for you.
- Guardianship of minor children. If you have minor children, a will allows you to name a guardian to care for them in the event of your death. Without a will, the court will determine who will take care of your children.
- Avoiding family disputes. Having a clear and concise will can help avoid family disputes and legal battles over your estate.
- Peace of mind. Knowing that your affairs are in order and that your wishes will be carried out can provide peace of mind for both you and your loved ones.
Having a will is crucial for protecting your children and loved ones. Along with essential documents such as powers of attorney and health care directives, a will is the basis of every complete estate plan.
Who Could Benefit From a Revocable Living Trust
In addition to the basic documents explained above, a revocable living trust is a popular estate planning tool that can be beneficial for a wide range of individuals, including those:
- With significant assets or complex estates. A revocable living trust can be particularly useful for individuals with significant assets or complex estates, as it allows them to transfer assets to their beneficiaries while avoiding probate.
- With minor children. A revocable living trust can be used to specify how assets should be managed for minor children in the event of the grantor's death.
- Who want privacy. Unlike a will, a revocable living trust is not a matter of public record, which can be appealing to individuals who value privacy.
- Who may become incapacitated. A revocable living trust can include provisions for the management of assets in the event that the grantor becomes incapacitated.
In Florida, a revocable living trust can offer several advantages, including:
- Avoiding probate. A revocable living trust can help beneficiaries avoid the time and expense of probate court proceedings.
- Reducing estate taxes. By using a revocable living trust, individuals may be able to reduce estate taxes.
- Protecting assets. A revocable living trust can be used to protect assets from creditors or lawsuits.
- Offering flexibility. Revocable living trusts can be amended or revoked at any time, allowing for flexibility in estate planning.
Trusts are costlier than simple wills to set up, so Ben will review your goals and assets to help you decide if a trust is right for you.
We Get to Know You First
Because Ben came to estate planning law after experiencing a family crisis that left him reeling, he is focused on getting to know his clients on a personal level so that he can create a custom estate plan that meets all of their goals. He doesn't take shortcuts or use cookie-cutter documents. Instead, he tailors each client's plan to be comprehensive yet cost-effective for them. If you are ready to take the first step towards protecting your family and your assets with an estate plan, contact us today.
