You’ve probably thought about what would happen to your family and loved ones if you were to pass away at least once if your life. Even if there’s nothing wrong with your health, it’s not uncommon for humans to mull over the consequences of their death.
One thing that comes to mind is how your family would handle the fact that you’re gone. Chances are, if something happened to you, they would be traumatized and in emotional distress.
But it can be much worse if you don’t take the necessary measures to reduce the legal stress and financial burden on your loved ones. That’s where will and estate planning come in handy: it’s the best way to ensure that your assets are distributed according to your wishes after you’re gone.
Even if it seems as if your family members are on good terms with one another, a plethora of legal problems may arise after your death when there is no estate plan.
Today, our Wesley Chapel estate planning attorney at DHW LAW, P.A. will help you figure out how to do estate planning to put you in control of your assets and prevent your family members from getting caught in a tough legal battle over your assets and debts after you’re gone.
Will and estate planning guide: how to do it?
In most cases, it’s advised to seek professional assistance to make sure that your will and estate planning are valid and will take effect immediately after your death. Under Florida laws, only written wills are recognized, while handwritten and oral wills are not.
Depending on the circumstances of you a case, you may be advised to have a will, durable power of attorney or other documents in order to settle your estate.
If you have minor children or care for individuals that cannot make decisions for themselves, you can name a guardian in your will in order to prevent your children or individuals under your care from getting into the wrong hands.
Even if you don’t have vast assets, it’s essential to estimate the full value of your estate. In order to calculate all of your possessions, you will have to add up the value of all your positive balance items (check, saving accounts, home, vehicle, stocks, bonds, etc.) and subtract the total value of all negative balance (mortgage, loans, debts, etc.).
Including trusts in your estate plan is also important, since you want to make sure that the after-death management of your assets and distribution of funds is carried out according to your wishes and only to the beneficiaries that were chosen by you.
In order to figure out what is the best trust to choose in estate planning, seek the legal advice of an estate planning attorney. Only after reviewing your particular situation, a lawyer will be able to help you get started with will and estate planning.
Are estate planning fees tax deductible?
This is a commonly asked question we hear here at DHW LAW, P.A. In estate planning, fees are deductible only when they are related to the production or collection of income; management or maintenance of property; determination, collection or refund of any tax.
In order to find out which estate fees are tax deductible in your particular case, contact an estate planning lawyer in Wesley Chapel. Get a free consultation by calling DHW LAW, P.A. at 813-962-3176 or fill out this contact form.