Estate planning ensures that all your assets are transferred to the next generation after death. And determining how to divide your assets between your loved ovens can be difficult. It makes you think about your finances while you are living and after you die. Also, you have to decide who will get your assets and funds after your death so your loved ones can mourn without any problem. To make sure that happens, an estate planning attorney is what you need. But how to find a good estate planning attorney Florida? To do that, you need to first understand what estate planning is and how an attorney can help you create an estate plan.
So, let us talk about what is estate planning, some ways in which you can find the best attorney for estate planning, and their benefits.
What Is Estate Planning?
Estate planning is a process that begins with you planning all your assets and listing them all down. The assets include cash, investment, accounts, vehicles, intellectual property, etc.; anything that holds monetary value comes under the category of assets. Keeping all the assets in mind, a will is created to decide what assets will be given to who after your death. The papers generally contain the personal representative’s name, who will execute all the plans and actions written in your will.
Another important part of creating an estate plan is to make a living trust. The purpose of this trust is to benefit you during your life and then transfer your assets to your nominees or beneficiaries. To take care of this trust, you need to choose a successor trustee who can manage all your assets after you.
Making a trust is beneficial in saving taxes if you have a considerable size of property or wealth. You can name a power of attorney who will hold the legal power to manage all the financial matters. The attorneys can also take important decisions if you are sick or unable to make decisions on your own.
What Are The Advantages Of Employing An Estate Planning Attorney?
There are several benefits of hiring an estate planning attorney, especially if you don’t know how to distribute your property and assets between your family and individuals.
Help You Create An Estate Plan
Are you not a fan of legal work and have no idea how to create a plan that suits your needs perfectly? Don’t worry; you are not alone. That is why estate planning attorneys are there to help you. An attorney can help you understand all the legal terms easily and make you understand the language of the documents. The legal documents are important, so you must know what is written in them before finalizing the deal. The attorney can also help create a plan that offers you the most benefits.
Customize It According To Your Needs
Everybody has different estate planning requirements. Not every plan can be the same. An attorney can help mould a general plan into one that fits your requirements. Attorneys are experts in knowing what will benefit you the most. They can also provide you with customized legal solutions for estate planning.
Professionally Made And Safe Estate Plan Documents
Making sure that the documents of an estate plan are perfectly made is important. An attorney can create a document in formal and appropriate language and manner. An attorney will look at all your assets, such as bank accounts, assets, insurance policies, wills, etc., after checking all this, they will suggest the best course of action. Also, they will ensure that all your documents are legally binding.
How To Find An Estate Planning Attorney
There are several estate planning lawyers in Florida, but choosing the right one can be difficult. So, here are some courses of action through which you can find the one that best suits your needs.
Do Not Limit The Search Just To The Area Alone
When searching for a trusted attorney, the first thing you should check is their license. But do not just limit your search to areas near you. You can also check for attorneys that are available in nearby states. Always look for attorneys that specialize in estate planning because they are the ones who can offer you the best advice. Choosing an expert will dissolve all your worries for the future.
Do Not Always Trust Online Directories
Do not always trust online directories when looking for an estate planning lawyer. The reason behind this is that any company gets itself in the directory in exchange for money. Online directories are more like advertisement pages where anybody and everybody can promote their work.
However, this does not mean you won’t find good lawyers online. When you choose one online, make sure to know everything about them and read reviews on their website.
Does The Attorney Specialize In Estate Planning?
There are many attorneys who can help with estate planning. But the difference between a regular lawyer and a lawyer specializing in a specific field is huge. The benefit of choosing a professional is that they know all the ins and outs of estate planning laws. They are very well versed in creating estate plans and knowing which plan suits their clients the best. A specialized attorney will be up-to-date with all the new rules and regulations. And they would be perfect for pointing out all the problems that can cause any issues down the road.
Does The Attorney Works In A Professional Organization?
When choosing a lawyer, you should ensure that the attorney you are working with is linked to some professional organization or not. Making sure that your lawyer is a part of respected counsel or not is important to avoid any problems in the future. Further, being linked with a known organization means that your lawyer knows all the laws and regulations. For your attorney to know all the rules and regulations is important because it ensures that they know all the laws and can protect your family from any technical problems.
Read Also:Estate Planning Services In Florida: Everything You Must Know
Get The Best Estate Planning Attorney In Florida: Estate Planning With Nirva
Now that you understand the importance of a professional estate attorney, we will tell you where you can get the best estate planning attorney services. Estate Planning with Nirva is one of the leading names in helping people create estate plans that offer them protection from probate laws and estate laws. We are an expert estate planning attorney Florida who understands the importance of family safety and the future. Therefore, we can assist you in creating a customized plan based on your needs.
Frequently Asked Questions
The cost of a Florida estate planning attorney depends on the size of your estate. For instance, if you have an estate that costs around $ 40,000, the attorney can take approximately $1,500. For an estate worth anywhere between $40,000 to $70,000 then, the fees can be $2,250. And if your estate costs between $70,000 to $100,000, then an attorney can charge nearly $3,000.
The general amount it takes for an attorney to set up a living trust in Florida is between $2,000 to $3,000. However, if you go to a well-known specialist, it can cost more based on their experience and work quality.
After the death of an individual, if you have estates with non-exempt assets that rounds-up for more than $75,000, you need to go for the probate process. This rule is for Florida and includes all properties and assets of the deceased individual.
Only a few areas in the United States have an inheritance tax. And Florida does not have any separate state inheritance tax that you need to pay for inheriting the estate or assets of a deceased individual.
A small estate in Florida is one that has below $75,000 worth of non-exempt assets. The other is when the individual of the estate passed away more than two years ago.