What is Estate Planning and Why Do You Need it?

Are you interested in knowing what estate planning is and why in the world would you need such a thing? Or are you just curious about what's involved in estate planning? If you said yes to either one of these then it may be a good idea to stick around to read more about the importance of estate planning.

Everyone deserves to feel confident in their financial future and that's why estate planning can give you that confidence that you've always been wanting when it comes to your finances. But, don't worry if you find yourself feeling overwhelmed, a trust and real estate planning law firm may be able to guide you through the process and provide new insight on how estate planning can be useful to you.

However, would you like to know what estate planning is and how it can benefit you? Well, estate planning is considered to be a way of preparing for someone’s valuables and assets in case of an injury where they're incapable of taking care of themselves or death occurs.

It's never too early to start preparing for the future when it comes to your valuables and figuring out who's going to be taking care of your estate property, assets, and anything else you may own. This is a great way to figure out who you want to give everything to that you can trust when something happens to the point of you no longer being able to take care of it yourself.

According to Investopedia, “Assets that could make up an individual’s estate include houses, cars, stocks, artwork, life insurance, pensions, and debt. Individuals have various reasons for planning an estate, such as preserving family wealth, providing for a surviving spouse and children, funding children's or grandchildren’s education, or leaving their legacy behind to a charitable cause.”

Getting in contact with a trust and real estate planning law firm could benefit you for years to come due to discussing who you want your assets to be in the hands of. Considering assets can range from your cars all the way to pensions and houses, you may want to think about how important it is to you to give it to a loved one or a friend that would take extremely good care of it.

The real question is would you rather have all of your valuables and your hard-working earnings are given to strangers or to someone you love with all your heart after you’re unable to take care of it? This is something to think about and it can't be denied, estate planning would be able to take away some of that stress you may be feeling when thinking about the future.

One of the main points to consider when thinking about getting involved in the estate planning process is understanding there will be multiple tasks you may need to do in order to get estate planning. For instance, you will need to make a will, set up trusts or even any charitable donations you were planning on participating in, setting up all the arrangements in regards to your funeral, and many others.

What To Do If a Dispute Happens Related to the Assets?

Sometimes an estate planning when it has to do with assets after someone passes away can result in a dispute over the assets. When this happens, an estate litigation lawyer that can be found in Miami can help resolve this issue.

According to Linley Welwood, “Estate litigation refers to legal proceedings in which disputes related to the assets of someone who has passed away are resolved. In most cases, these proceedings focus on the determination of the validity of the will, issues of testamentary capacity or undue influence, and challenges made to have a will varied or declared void. Estate litigation can also deal with challenges against others interfering with a person’s assets before they have passed away.

When it comes to estate litigation in Miami, there are some things to consider such as overall cost. If your case gets taken to trial it can get expensive. That's why you may need to do some research in reference to the prices of estate litigation and see if any estate litigation is within your budget.

Another thing to consider is that your case going to trial for estate litigation is optional and sometimes it's not necessary to go to trial. A lawyer that specializes in estate litigation in Miami can often find you and everyone involved in the dispute a solution other than going straight to trial.

With that being said, an estate litigation lawyer in Miami can help you with any issues in the process of estate planning. These lawyers are able to provide services to make sure everything goes smoothly throughout your entire process. No more stress or interference when it comes to your financial future, thanks to these lawyers.

Now, estate planning, in general, is good for anyone solely based upon the fact that it can protect your family, especially if you have younger children. You need to be prepared if anything happens to anyone in your family or yourself. This can be something most people don't want to talk about which is understandable but it's part of life and being fully prepared now can be worth it in the end.

You should recognize that within estate planning you will need to file a will where you will address how the children under 18 will be taken care of in case of an emergency where you're incapable of taking care of them or you have passed away. Also, you will discuss what items will go to the children when they become adults.

But, if you end up not participating in estate planning that means a will won’t be filed and it can result in the courts deciding on who gets all of your assets and who will raise your children. If you have someone in mind to take care of your children when you're no longer able to do so then you definitely want to make sure you get estate planning. That's why a trust and real estate planning law firm may be a good option for you to consider.

Plus, after it's all said and done, you can finally feel at ease in some way due to the fact that everything is ready and completed to make sure your family is safe and secured in the future. Having estate planning can provide multiple benefits for not only you but your entire family so you may want to take that into consideration.

Starting the process of estate planning may be something that you're interested in. But, just in case you decide to start estate planning and a dispute comes up within the process then the estate litigation lawyer in Miami can assist you throughout the journey to make sure everything is civil and is done in a timely manner.

Continuing with a lawyer that specializes in estate litigation in Miami can provide a sense of comfort for you if you find the dispute extremely frustrating or if it’s causing too much anxiety for you so don't be afraid to get in contact with one if you're feeling this way.