While it’s not something any of us want to think about, it’s never too early to start preparing your family for life after you’re gone. It’s a fact of life and death that even the unimaginable can happen at any moment and your family could lose you. Make sure they’re prepared and protected with help from estate planning lawyers in Tampa, FL. If you’ve never considered hiring an estate lawyer, our team at Candela Law Firm, P.A. a few ways that your attorney can help set up your family for success now and into the future.
Verify your will
The basics of your will should include all of your significant assets and those who you would like to inherit them. Your estate planning lawyer can help you identify those who you would like to inherit your estate and establish if and when they’re eligible to do so. For your will to be considered a legal and binding document, it needs to be signed in front of two witnesses, who will also need to sign verifying that they’re valid.
Set up estate beneficiaries
Every estate must have beneficiaries established before the owner passes away. If not, the estate can be tied up in probate for months or years and never be fully awarded to the individuals or parties the owner intended. This can include anything from a home to the guardianship of minor children should both parents pass away to other assets that have significant value. Establishing your beneficiaries is an important part of protecting your estate.
Establish a trust
A trust is a great way to protect your assets now and into the future. Many people will have a difficult time differentiating between a will and trust. Simply put, the main difference comes down to when each is executed. A trust can be executed during an individual’s life as it’s a way of giving money to their posterity while retaining control of the funds until a specific date. If the owner of the trust passes away before that day, it will be passed to another beneficiary and managed until the established date of execution.
Protect valuable assets
If you own incredibly valuable assets, there are going to be many people who are trying to claim them in some way after you pass. This can include a company, property, or valuable cash accounts. An estate plan will ensure that each is protected under estate laws so you don’t have to worry about another party coming in and trying to take them away from your rightful heirs. This also helps to verify that your heirs won’t be without money in the future should the breadwinner be the one who passes away.
Save your family from probate
There are certain aspects of estate law that can be incredibly complex. Everything within your estate plan must fall in line with local and federal laws so it doesn’t end up going to probate instead. Probate is the legal process where local courts in the county where you live works through your assets and oversees proper dispersal. This is done to ensure that your wishes are honored as well as satisfying state laws. A will that’s in probate can cost your heirs additional funds that should be coming to them as a result of the will. Estate planning is an effective way to avoid such complications in the future.
Contact us for help
Make sure that your family is protected now and in the future. Work with estate planning lawyers in Tampa, FL to set up your will with help of our experts at Candela Law Firm, P.A. We want to help you set up your family for success well after you’ve passed away so send a message using our contact form and we’ll help you set up an appointment.