Though it’s a grim prospect to think about, it’s never too early to start considering a will that specifies your desires regarding your assets. This is one of the best things you can do for the family that will be left behind, as the process of dividing assets is rarely simple. Sometimes, possessions like homes or cars that do not have specific beneficiaries can be tied up in probate court for years. Making your wishes clear in a will can help alleviate the legal struggles that will only confound grief.
Estate lawyer Gary I. Handin, PA. has decades of experience with helping Florida residents create wills and trusts, and understand the ins and outs of inheritance taxes.
Read on to learn more about what estate lawyers do, and how you can make the best decisions for the distribution of your estate to whomever you choose.
Why Consult An Estate Lawyer?
While it is possible to establish a trust or a will without any legal aid, we don’t recommend doing so for a couple of reasons. First of all, an experienced estate lawyer will understand all of the requirements involved in the process, as well as a full understanding of Florida law. This will ensure that your wishes are clear and will be adhered to when you are not in a position to advocate for yourself.
Next, an estate lawyer is someone who offers objectivity during what is often an emotionally difficult process. Wills and trusts concern the matter of death, after all, which is never easy to grapple with. Your attorney will help make you aware of all the legal implications of the choices that you make regarding your estate.
Finally, in order to decrease tax exposure, ensure confidentiality, and avoid probate court, estate lawyers will use their knowledge to help avoid those time-consuming actions.
What To Consider When Considering Your Will
There are many things to consider when drawing up your will, and important decisions you will have to make. One of them is choosing someone to be the executor: that is, a personal representative who will represent your estate and determine who will receive your assets.
In creating your will, you have the ability to name this guardian: perhaps your oldest child, if he or she is an adult, or another blood relative. You can also appoint someone to be the legal guardian of any minor children you have.
Understanding Different Types Of Trusts
Many people create trusts in addition to a will. There are two types of trusts to consider.
Living Trusts
As the title implies, a living trust will become active during your lifetime. You may place certain assets within it, which is called “funding the trust.” You can administer the trust on behalf of the beneficiary of your choice: perhaps a home that your child or grandchild will inherit, or another piece of valuable property, like a car. Living trusts are useful in avoiding the hassle of probate.
Testamentary Trusts
A testamentary trust is included in your will and only comes into effect after you have passed away. You will appoint the beneficiaries and trustees in your will, along with your wishes regarding your assets. Trust laws can be somewhat complicated, so it’s very helpful to have an estate lawyer help you with this process to avoid confusion or upset later. Typically, testamentary trusts are intended to provide financial security for spouses or children.
It’s important to keep in mind that living trusts can be more expensive to create than testamentary trusts. However, unlike testamentary trusts, living ones do not become a matter of public record.
What To Know About Inheritance Taxes
The good news is, there is no inheritance tax in the state of Florida. That said, any property that one inherits is still subject to federal inheritance tax laws, but estates tend to be exempt. When someone inherits a house in Florida, the new owner assumes all the legal responsibilities, including that the property is insured. Should the beneficiary decide to live in that house, they may qualify for what’s called a homestead exemption.
It’s important to note that estate taxes and inheritance taxes are two different entities. The former is levied on the estate itself, while the latter is owed by the person who inherits the property of the deceased. In other words, estate taxes are paid from the property that was owned by the deceased before it’s distributed. If any inheritance taxes do apply, they are owed by the person who is inheriting the property.
Estate Lawyers And More In South Florida
There’s nothing quite so serious as death and taxes. From witnessing, signing, and acting out the wishes in your will, to following legal clauses, having legal aid is very important. The lawyer at Handin Law is known for his careful attention to detail, ensuring that the client’s best interests are considered.
As you consider the division of your assets and other wishes for your will, don’t leave anything to chance: let our estate lawyer help you. This is one concern you can take off your mind as you tend to other familial matters.
For questions about our legal services, call today at 954-796-9600.