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.
It is even more important to enlist the help of a professional if your assets total higher than the threshold for estate tax, if you are part of a blended family, or both. After contacting an attorney, the first step is to determine how to distribute the assets. These details will become the main focus of the 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 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.
It is even more important to enlist the help of a professional if your assets total higher than the threshold for estate tax, if you are part of a blended family, or both. After contacting an attorney, the first step is to determine how to distribute the assets. These details will become the main focus of the 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 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.
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