Estate Planning Attorney Tampa Fl | The Importance of Estate Planning
Estate Planning Attorney Tampa Fl | It’s certainly not a pleasant topic of conversation, but every family should discuss money and end-of-life issues from time to time. And it’s not a subject for seniors only. Everyone should have an estate plan to let those around them know what they have and how they want it distributed when they’re gone. Life is unpredictable, so estate planning is just as important, maybe even more so, for young families. Let’s take a look at some reasons why you should set up an estate plan:
Taking care of you: What happens if you become incapacitated? If you can’t care for yourself, who will? By naming your own guardian ahead of time and granting someone powers through a durable power of attorney, you leave clear instructions about who will be making healthcare and financial decisions on your behalf.
Avoiding probate: Probate is the court-administered process for passing assets from a deceased person’s estate to the heirs. If you haven’t written will or named beneficiaries for your accounts, the courts step in to decide who gets what based on state law. Going through probate involves paying court fees and following a checklist that could take months, even years, to complete. Proper estate planning can ensure that your assets transfer more quickly without going through probate.
Tax consequences: Do you really want the state and federal government to take a chunk of your assets before giving the rest to your loved ones? An experienced estate attorney can reduce the tax burden of your estate and help with the income taxes that your heirs might face.
Families with young children: The unthinkable happens: You and your spouse die at the same time, leaving minor children behind. Who will raise them? If you have not properly planned, the courts will again step in and decide. The judge does not know which brother or sister, or family member or friend is responsible enough to care for your kids. But you know, so you should put it in writing in your will.
Keeping the peace: Strange things happen after you’re gone and it’s time to divvy up your stuff. You don’t have to be wealthy for family members to bicker over your estate. It’s not uncommon for families to become bitterly divided in the wake of someone’s passing. Estate planning puts it all in writing so there is no doubt.
Some estate plans are basic, while others are much more complicated. Family dynamics, the types of assets, business ownership and real estate certainly play a part. If you have questions regarding estate planning, call Mortellaro Law. We assist families every day with their legal needs in the areas of estate planning, asset protection and probate.