Have you ever wondered if you should hire a Miami estate planning attorney at some point, or why estate planning is so important? Actually, estate planning is incredibly important if you want family and loved ones to inherit your property and assets without a time-consuming and expensive probate process, or huge taxes that take a large share of the estate. Unfortunately, too many people put off creating an estate plan because they believe there will always be time later.
This overview will explain a few of the most important benefits of working with an estate planning attorney in Miami.
1. Medical Power of Attorney
While you may think of estate planning as something that's only important after you die, an estate planning attorney in Miami can help you create a medical power of attorney and living will, designating someone you trust to make important medical decisions and manage your affairs if you are incapacitated or seriously hurt by following your written guidelines.
2. Protect Assets
When you pass, a well-drafted estate plan can protect your estate from lawsuits, creditors and many other types of claims, allowing your assets and property to pass to your family and beneficiaries in the way you intended. The probate process in Florida can easily take over a year, and if you pass without an estate plan or will, a judge will decide what happens to your property, and even your children. A knowledgeable probate lawyer in Miami can craft documents to avoid or minimize the probate process and even add a no-contest provision to your plan to discourage any challenges and make sure your wishes are honored by family and friends.
3. Designate a Guardian for Children
If something happens to you, what will happen to your minor children? This is one of the most important reasons to hire a Miami estate planning attorney if you have young children. If you pass away without any instructions left behind, a judge will decide who will care for your children. Consider this: while you may know that your ex-spouse would make a terrible parent, for example, a judge will likely consider the child's natural parents to be the best choice as a guardian. Without a will, someone who doesn't even know you or your children will decide what happens to them!
4. Future Planning
There are many ways estate planning can help you plan for the future. If you want your estate to pass to your spouse and your children, what will happen if your spouse remarries someone who has children already? A lawyer can help you create a plan to protect the inheritance of your children while still providing for your spouse as well. This way, step-children and children from a future marriage cannot claim your estate.
You can also create a written plan to help young beneficiaries make smart choices with their inheritance, including setting aside the money for their education or to buy a home.
5. Peace of Mind
Finally, estate planning is the best way to give you peace of mind. You can rest easy knowing that everything is in order and your family and loved ones will be taken care of after you die. Avoid using downloadable do-it-yourself guides, however, as these usually won't cover everything and may not even stand up in court. Speak with an experienced Miami probate lawyer to help you protect your family, avoid unnecessary taxes and a time-consuming probate process and make sure your wishes are known.
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