In this article, you can discover…
- The key differences between a will and a trust, and which to choose.
- How often you should update your estate plan, and why this matters.
- How to select the right person for your power of attorney.
How Do I Get Started With Estate Planning In Hillsborough County, FL?
The first step to estate planning is scheduling a consultation with an attorney. Once you speak with the attorney, they’ll explain to you what their particular process is and help you begin to decide which estate planning tools are right for you.
At Mombrun Law, after your initial consultation, you’ll receive a questionnaire to complete. We’ll then go over that questionnaire and set out a plan based on your individual estate planning needs and goals.
What Is The Difference Between A Will And A Trust, And Which Do I Need?
The main difference between a will and a trust is the purpose of the document. A will is a document that lets your family know what your wishes are, who you would like to receive your assets, and how you want your assets distributed.
While a trust accomplishes a similar goal, the main purpose of a trust is to help your loved ones avoid probate. Trusts also allow you far greater flexibility in how or when your assets are released.
For example, you could set up a trust that is designed to only release assets once your children reach a certain age or graduate college. You could also set up a trust that releases funds only to pay for certain things, such as education, ensuring beneficiaries do not waste or misuse assets.
It is generally best to use a trust instead of a will to allow you more control over the distribution of your assets and to ensure assets are released to your beneficiaries far more quickly.
How Often Should I Update My Estate Plan In Florida?
Generally, it’s a good idea to look at your estate plan every three years to make sure that it still does what you want it to do and that the people you’ve selected as medical or financial power of attorney are still willing, able, and available to act as such.
It’s also important to update your estate plans every time there’s a major life change, such as a marriage, death, or the birth of a child. When these life changes occur, take a look at your estate plans and see if you need to make any updates to include new people or remove as beneficiaries anyone who has passed away.
What Should I Consider When Naming Beneficiaries In My Florida Estate Plan?
First, it’s important to consider the age of the beneficiary. Next, you’ll want to consider if that person is good with money or if they tend to spend unwisely. If the latter is true, it may be best to put their inheritance in a trust to better tailor how and when they can access those assets.
If your beneficiary has a disability and they’re receiving certain benefits from the government, additional planning is needed to make sure that that beneficiary does not lose those benefits. Be aware of the location of the beneficiary, as if they live outside of Florida, they could be subject to estate taxes.
How Do I Choose The Right Person For A Power Of Attorney In Florida?
It’s important to choose someone who you trust, who will act in your best interests, and who has the ability and willingness to handle the role. It’s also vital to choose someone who is good with money, as they’ll be handling your financial affairs on your behalf should you be unable to.
Many people choose a close family member for this role, such as a spouse or an adult child. You can even choose multiple people if you’re not comfortable with having only one person in control.
How Does An Estate Planning Lawyer From Our Team Approach Cases Like Yours?
I have a variety of methods to help you understand estate planning tools and how they work. I may use graphics, charts, or a PowerPoint presentation if you’re more of a visual learner.
I’ll be sure to explain every estate planning document to ensure you understand what every term means and what each document accomplishes. I’ll make sure you understand the implications and purpose of every document before you sign.
What Makes Our Hillsborough County Estate Planning Firm Different?
Even though Florida does not have an estate tax, taxation still plays a major role in estate planning. I happen to have an LLM (Masters Of Law) in tax law on top of my Juris Doctorate degree.
Not all attorneys have this extra qualification, but it sets me apart, allowing me to handle any additional tax planning that you may need as a client.
Still Have Questions? Ready To Get Started?
For more information on Working With An Estate Planning Attorney In Hillsborough County, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (321) 205-9467 today.
