Understanding Estate Planning in Kissimmee
How much thought have you put into estate planning? Unfortunately, many people don’t think about what comes next after they pass away, and this ends up leaving their loved ones with a lot more worry than they should be facing. Fortunately, you can fix this when you find an attorney specializing in estate planning in Kissimmee and get started with your plan.
What Is Estate Planning?
First, what does it mean to plan your estate? Essentially, it means that you are “getting your house in order” for when you pass away. You create various types of documents that will determine what happens with your assets after death. This includes who will inherit different assets, who distributes the assets, and any tax considerations that may be needed.
Estate planning can provide you with the tools needed to reduce the risk of chaos amongst family members after you die. It ensures that your belongings are going to go where you want them to go rather than letting the court decide.
What Should Be Considered When Getting a Will Drafted?
When you are putting together a will and estate plan, you should think about all of the different aspects of your life as it is right now. Do you have minor children? If you do, then you are going to need to name a guardian for them in your will. Do you have assets you want to go to people other than your spouse or your children? You will need to name them in your will and be specific about who gets what.
Your beneficiaries can be whomever you want to receive certain assets in your will or your trust. Keep in mind that when you choose your beneficiaries, it is always possible to change them later. It is possible to change any portion of your estate plan, which may be needed after major events, such as a divorce, a birth, or the death of a spouse.
What Is a Trust?
A trust is a type of legal agreement where you transfer your assets to a trustee. The trustee will hold the title to those assets on behalf of a beneficiary. The trust could be revocable or irrevocable in your lifetime. One of the benefits of trusts over wills is that they aren’t probated, which can often mean you don’t have to have your assets go through probate. This can make things faster and easier for your beneficiaries.
Reasons to Work with an Attorney
Planning your estate—and doing it right—is not always easy. Even though you may have a good idea of what you want to have happen with your assets after you pass away, it’s not as simple as writing it down and hoping that it happens. Your estate plan needs to be legal and binding. It needs to be put together by someone who knows what they are doing.
After all, the laws surrounding estates, from probate to taxes, are often difficult to understand. You need to be sure you are going things the right way, or you may end up with a plan that’s not worth the paper it’s printed on.
As you can see, working with an attorney will make the process far easier than you might have realized. No matter the size of your estate, planning now will give you the peace of mind you need. After all, you want to make sure your family doesn’t have to worry about how your belongings are going to be distributed after your death.
Find a Great Attorney Today
Now is the perfect time to get in touch with an attorney to help you with your estate planning in Kissimmee. When you are choosing an attorney, you want to make sure that they have worked with estates similar to yours.
If you have a business that you will need to split up or pass on to family, for example, it is important that the attorneys have experience with businesses in estate planning. If you have a large estate, you want someone comfortable with dealing with a substantial amount of assets.
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