It never hurts to prepare your family’s assets in the event that the unthinkable happens to you or your partner. It’s always better to be safe and ensure that your family is protected in the event of an accident or illness. A Tampa estate planning attorney can help you ensure your affairs are in order should anything happen to you. If you’re not sure you’re ready for estate planning, our team at Candela Law Firm has a few signs that indicate it’s probably time.
You have assets to protect
If you pass away without an estate plan or will, Florida laws of intestacy dictate that all your assets will be passed to your next of kin. If you’re not married, this will be your children. If you have no children, it will be passed to your parents. However, without a will, your assets could be tied up in probate for months or years without your family having a chance to gain access to your assets. An estate plan will ensure that your assets are protected and get divided properly among your family after death.
Your family situation is complicated
Not every family situation is as cut and dry as a mother, father, and children. Some families are blended with children coming from a different set of parents in the home, and others are broken with irreparable relationships. Regardless of your family situation, you deserve to be protected. Your estate plan will not only ensure your assets are distributed to the individuals of your family who you would like to receive them, but it will also keep the courts from allowing a problem family member from inheriting a portion of your estate that you don’t wish for them to have.
You own a business
Ownership of a business can be complicated after the owner passes away. If you never established a successor, your spouse or children will automatically inherit your part of the business. While this might feel like the right decision, there can be a legal battle trying to sell off ownership shares or other disputes when trying to decide what needs to be done with the business. If you have someone else like a child or sibling who you would like to inherit your portion of a business, it’s essential that you establish this in an estate plan.
You have out-of-state assets
Depending on your assets and the state they’re in, your family could run into problems with a transfer of ownership after you pass away. For instance, if you own a plot of real estate in another state, you’ll have to deal with their tax code and laws associated with transferring ownership of the property. A will is a perfectly acceptable legal document to ensure that your beneficiary receives the property they’re entitled to without having to fight an extensive legal battle.
You have a special needs family member
Having a special needs son or daughter who requires a caretaker can present challenges when dealing with an estate. Your will is a great place to establish a new guardian for your child and create a care plan for them after you’ve passed away. What’s more, specifying their place in your will can help with their qualifications for government benefits like Supplemental Social Security income or Medicaid.
Contact us to book an appointment
You can book an appointment with Candela Law Firm today to meet with a Tampa estate planning attorney. We’re proud to serve our neighbors with estate planning and other end-of-life planning. Give us a call at 813-417-3645 to book your appointment. You can also send a message using our contact form to send your inquiries.