Estate Planning in Winter Garden
Do you have your estate in order? It doesn’t matter if you have a lot of assets and a large estate. Everyone can benefit from estate planning, regardless of the size of the estate and regardless of age. Below, learn more about why estate planning is so important.
Why You Need to Start Estate Planning Before It Is Too Late
Whether you are in great shape and young or you are well into your golden years, it is a good idea to have an estate plan in place. Naturally, you want to make sure that the assets and items in your estate are given to the right people when you pass away. If you aren’t clear about it and you don’t have a will or a trust in place, it can be impossible to ensure this happens.
Dying without a will is known as dying intestate. In those cases, the laws of the state will determine what happens with all of your property. Even though you might have wanted and meant to leave your record collection to your brother, if you don’t have it in your estate plan, it’s not likely to happen. The court will be the ones that end up deciding what happens with your items. Typically, it means that they will go to immediate family members, such as a spouse or child, first.
What Could an Estate Planning Attorney Do for You?
Although you might see some DIY estate planning options online, it tends not to be a great idea. They are not always going to be legally binding, which means you could end up wasting a lot of time on a will that won’t be considered valid by the courts.
Instead, it’s a good idea to work with a specialist who can provide you with the help you need for estate planning in Winter Garden. Consider some of the ways that the attorney could help.
First, an estate attorney could help you to set up a will. A will is going to determine what happens with your property, your business, and more when you pass away. It allows you to state your intentions on what you want to have happen with any minor children you might have.
The attorney could also help you to set up a trust, where you appoint someone that you know as the trustee. They are essentially in control of the property and will do with it as you have instructed. Most of the time, the trust will be established during your lifetime; however, it could also be formed upon your death. This is called testamentary, and it can be created through your will. Since your will won’t take effect until your death, the trust doesn’t exist until you have died.
When the trust is created during your lifetime, it is called a living trust. You can title property in the name of your trust. When you do this, it’s a funded trust. If there aren’t any assets in the trust, it is considered to be unfunded.
What’s right for you when it comes to estate planning? The best thing you can do is talk with a professional who can help you determine the right way to put together your estate plan.
Working with an Attorney for Estate Planning in Winter Garden
Attorneys can ensure that your estate is properly set up, providing you with peace of mind. They can ensure you manage funds for your children or other beneficiaries, set up guardianship for your minor children, and help to facilitate what happens with your business after you pass away. A good estate plan can help your estate to avoid probate, as well.
The sooner you have your estate plan in order the better you will feel. You won’t have to worry about what happens with your assets after you pass away. Your family can grieve rather than have your estate stuck in probate limbo.
When choosing an attorney for estate planning in Winter Garden, make sure you are working with only the best. Get in touch with Orlando Law Group on their website to find out more and to connect with an estate planning attorney who can help with your planning. You can also call (407) 512-4394 to set up a consultation.