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.
People in blended families should always consult a qualified attorney when thinking about how to write an effective will. Estates totaling higher than a certain threshold are subject to taxation, so they also require special consideration. The first thing to do when creating this document is to choose who will receive your assets.
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.
People in blended families should always consult a qualified attorney when thinking about how to write an effective will. Estates totaling higher than a certain threshold are subject to taxation, so they also require special consideration. The first thing to do when creating this document is to choose who will receive your assets.
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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