Important Things Not To Overlook When Preparing A Will

Many people overlook writing a will until something comes up in their life, and when they do write a will, they may forget to include some things. Will & estate planning firms in Miami have the utmost expertise in preparing a will, and they often tell clients when something important has been overlooked.

Here are some of the most important things lawyers for will and estate planning in Miami say not to overlook when preparing a will, which can help your loved ones avoid a will contest in Miami down the road.

1. Ensure the Executor of the Will Knows Where It Is Stored

One of the most common things that will and estate planning lawyers in Miami come across is a family that cannot find the will after their loved one has passed away. If your will cannot be found, it may as well have not been written at all.

If a will has gone missing as a result of a fire, flood, or other disasters, the probate court may accept a photocopied form of the will.

If the will simply cannot be found, contact the lawyers for will and estate in Miami that the deceased used to draft the will for assistance.

2. Appoint a Successor Executor

While the executor to your will should be one of the most trusted people in your life, unforeseen circumstances can occur and there is always a chance that the primary successor fails or refuses to act in such capacity.

Having a backup executor to your will allows the process to run smoothly after you have passed if your primary executor is unable to fulfill their duties.

As an added measure, speak with the successor executor in detail about the duties they would have to perform to make sure they are aware of the circumstances.

3. Keep a Detailed Inventory of Your Assets

As the world continues to evolve, we accrue more and more assets every year. Between checking accounts, savings accounts, investment accounts, credit cards, and digital assets, it can be easy to forget something in your will.

With most financial information stored online, your loved ones may be unaware of any online assets that are not outlined in your will. Will & estate planning lawyers in Miami suggest that a trusted individual has a record of your usernames and passwords for each online account you own.

4. Make Arrangements for Any Pets

While it may seem odd to picture your pet living longer than you, it is a reality for many people. Will and estate planning lawyers in Miami suggest that you appoint a caregiver for your pet in the case that you pass away before them.

Speak to your trusted loved ones to find out who would be willing and able to care for your pet, and consider naming a secondary caregiver as well. If you do not appoint a caregiver for your pet, it may have to be surrendered to a shelter.

5. Include Names of People Who Should Not Receive Anything

If for any reason there is a specific person or people who you do not want to receive anything from your will, make it clear by writing their name.

If your loved ones are going through your assets and belongings following your passing, this person may want to contest the will in Miami, creating challenges for both the executor and your will & estate planning lawyer in Miami.

Without explicit instructions, your property may end up in the wrong person’s hands.

6. Designate Certain Belongings

If you have many close family members such as children or grandchildren, they might have a hard time designating who gets what after your passing.

While it may be a tough conversation to have, speak to each of your loved ones to find out what items are special to them that they would like to have after you pass away. Designating specific items to specific people in your will can save them trouble while sorting through your belongings.

7. Don’t Include Burial Wishes

A common mistake that lawyers for will and estate in Miami see are the afterlife care instructions solely being included in the will. Many families do not even look at the will until days or weeks after their loved one passes, meaning your burial wishes might be overlooked.

If you have specific wishes for your wake, funeral, or burial, make them known to your loved ones before your passing, or write them in a letter that they will see sooner than your will.

While you can certainly feel free about adding your burial wishes in your will, keep in mind that it may not be the first thing your loved ones look at immediately after your passing.

8. Provisions for Older Adults

It is scary to think that you may pass away before any elders that you care for, but will and estate planning lawyers in Miami have experienced it before.

If there are any elders that you are the primary caregiver for, make sure to include them in your will regarding who will be their new caregiver, where they will live, and what assets they will receive.

Why You Need a Lawyer to Prepare Your Will

Many people choose to forgo hiring a lawyer during will preparation because their estate is small, their family gets along perfectly, or they are planning on equally distributing their assets. Even the situations and circumstances that seem the most simple can turn out to be complex challenges that end up as a contested will in Miami.

Appointing the help of a lawyer when preparing your will ensures that you did not overlook anything important and that you understand what will happen during the probate process after you pass away.

Your lawyer will be able to offer you any advice on matters that you are unsure of, and they will get to know your history and the history of your family well to make any recommendations.

It is always better to prepare a will sooner rather than later because you never know when it will come time to need one.

Guardianships and Conservatorships Can Help Protect Loved Ones

In certain situations, guardianships and conservatorships should be taken into consideration in order to protect your loved ones. This may be a difficult situation for some but there are some cases where you're wanting to take care of a family member and you have no other choice than to include guardianships and conservatorships.

Now, you may be wondering what guardianships and conservatorships are and if that’s the case then you’ve come to the right place! Make sure to stick around for reasoning behind guardianship litigation and conservatorships that you can find in Miami because you never know when you might need the information to help your loved ones!

What’s The Purpose of Guardianships?

To begin with, you may be wondering what's all involved with both guardianship and conservatorship and how it can actually protect family members and the ones you love most. Well, right off the bat, guardianships are considered to be a legal relationship that's formed when either a person or the institution that can be found in the will ends up taking care of incapacitated adults or even children that are minors.

This can also be known as a conservatorship! Estate and probate attorneys in Miami can answer any questions or concerns you may have regarding the purpose of guardianships & conservatorships!

There are some certain requirements you need in order to become a guardian and according to US Legal, they state “To become a guardian of a child either the party intending to be the guardian or another family member, a close friend or a local official responsible for a minor's welfare will petition the court to appoint the guardian. The judge does not have to honor the request when someone is named in a will as guardian of one's child in case of the death of the parent, it is construed as a preference, but is usually honored.”

As you can see from the statement above, there are necessary steps that need to be taken in order for you to become the official guardian for a minor child or even a family member that can no longer take care of themselves. So, you want to make sure you made the necessary requirements when planning on becoming a legal guardian and guardianship litigation in Miami can help with this!

However, keep in mind the judge doesn't have to honor the request even though there's a name already on the will as a guardian. But, no need to stress out because nine times out of ten they end up honoring it. If you end up feeling overwhelmed or possibly stuck on where to begin, you may want to look into attorneys that deal with guardianship, located in Miami.

How Conservatorship Help Loved Ones

You may be interested in how conservators help loved ones and protect them. Many people say conservatorships and guardianship litigation that can be located in Miami is the same thing but contrary to popular belief, they're a bit different. This is mainly because limited conservatorships are often required in multiple states and if this happens, the court ends up appointing a conservator to take responsibility and control of the conservatee.

There are two types of conservatorships and according to LegalZoom, they state, “Limited conservatorship of the person is responsible for taking care of the personal needs of the conservatee.

Limited conservatorship of the estate is responsible for taking care of the financial needs of the conservatee. While one person might take on the responsibilities of both types, it's also not unusual to have one person appointed the conservator of the person while another is given responsibility as conservator of the estate.”

Conservatorships can help protect loved ones due to the fact that they're able to have full responsibility for a person that can no longer take care of themselves or children that are under age. They’re able to take care of loved ones and this means that they can take care of loved ones physically and also financially.

When it comes to someone who can no longer take care of themselves or they have a disability where they are unable to take care of themselves or handle finances, that's when a conservatorship should be applied.

Who to Get in Touch With For Guardianships and Conservatorships?

If you find yourself in a situation where you need to get in contact with someone to discuss guardianships and conservatorships, then it's important for you to understand who to call or email to make sure you're going in the right direction!

With that being said, attorneys that have practice in guardianships in Miami are a great place for you to start. These attorneys are able to provide insight on everything you need in order to begin the process of guardianship or conservatorship.

Vasquez De Lara Law Group - This law firm that has attorneys that specialize in divorce and family law has a practice area in guardianship so you may want to check out at this firm if you're located in Miami. who knows, this might be the firm that suits you best in reference to assist with guardianship.

Another type of attorney that you may be interested in learning more about would be probate and estate attorneys located in Miami. If you're in need of someone to assist you when it comes to becoming a guardian for someone, getting in contact with one of these attorneys will allow you to have more knowledge on wills, trusts, and any type of estate planning in regard to the person you want to take care of.

The Lions’ Den Attorneys At Law - This specific probate and estate attorney firm, in Miami, has multiple practices such as real estate, family, probate, estate planning, corporate, and criminal law. They're perfect for anyone wanting to discuss more in-depth topics relating to these practices in order to help protect your loved ones and keep them safe for years to come.

One thing you should definitely take note of is that guardianship and conservatorship are becoming more and more popular in today's day and age. This is mainly because people are wanting to protect their loved ones and give them the best life they can as long as possible. One of the best ways to do this is to get the ball rolling and have your loved ones completely protected today!

Strategies To Consider for Year-End Tax Planning

It's no secret, COVID-19 has created a huge emotional and physical toll on most of us, all over the world. When it comes to the financial aspect, COVID-19 has hit hard on finances throughout the year considering there have been problems with the economy, unpredictable market swings, and many other financial difficulties that have occurred.

You may be interested in finding out what strategies to consider before the year-end tax planning which is part of estate planning in Miami and what to keep in mind so you're fully prepared in case of emergencies where something unannounced happens again due to the pandemic.

You can never be too prepared when it comes to strange and challenging times. So, it will be helpful to take note that year-end tax planning goes hand in hand with trusts, planning, drafting, and an administration that you can find in Miami. While estate planning, you might want to discuss creating a living trust along with anything else related to estate planning with a legal professional such as an attorney.

It’s important to take into consideration what your options are and what needs to be done in order to be as ready as possible when the year-end tax planning is here. If you have any questions or concerns make sure to either get in contact with an estate litigation lawyer in Miami or even an estate planning agency in Miami just so you have options and can understand what to do.

But, before you dive into the helpful strategies when it comes to your estate planning and your year-end tax plan in Miami, you’ll want to make sure you understand the full concept of this type of planning because it will be beneficial for not only you but anyone else that may be confused on the subject.

With that being said, year-end tax planning is considered to be determined by processing the finances so you can identify the best annual tax benefits. Certain things that are often done within the year and tax planning to make sure it's all done in a timely manner is by timing sales or changes. Getting help from trusts, planning, drafting, and administration firms in Miami would be something to think about if you are confused or need assistance for the year-end tax planning.

This step will help make the process go smoothly and be able to be done in a way that isn't filled with obstacles and challenges. However, due to COVID-19, it would be very surprising if there weren't any challenges that came your way while trying to proceed with year-end tax planning. So, it wouldn’t be a bad idea to do extra research regarding an estate litigation lawyer that can be found in Miami if you are feeling stressed out over the entire process of tax planning.

Try To Take Some Extra Tax Deductions Before Tax Planning

You may be interested in trying to get a deduction and lower your tax bill and one way you can do that is by increasing your deductions this year and firms that specialize in trusts, planning, drafts, and administration in Miami can help with this. This also might be helpful for people that are wanting to defer income into next year so this is something to take into consideration if this is something you would find yourself participating in.

If you need assistance when it comes to taking some extra tax deductions before tax planning then talking to a living trust attorney in Miami can shed some light on the topic and what you need in order to save money and begin this process.

According to TurboTax, “For example, contributing to charity is a great way to get a deduction. And you control the timing. You can supercharge the tax benefits of your generosity by donating appreciated stock or property rather than cash. Better yet, as long as you've owned the asset for more than one year, you get a double tax benefit from the donation: You can deduct the property’s market value on the date of the gift and you avoid paying capital gains tax on the built-up appreciation.”

Donating to charity and being part of the charity community is a great way for you to get a deduction like stated above from TurboTax. Just keep in mind that once you start contributing to a charity you may never want to stop because of how amazing the feeling is after you were able to help out the best you could and use your fortunes for good.

Stay Away From Mutual Funds

Another strategy to consider for year-end tax planning is to try your best to stay away from Purchasing any mutual funds to the best of your ability. This is mainly because most mutual funds are actually considered to be very tax-inefficient and sadly a lot of people don't know this which ends up creating more difficulty than there needs to be and you don't want, right?

You may want to think about contacting a living trust attorney located in Miami instead because they would be able to help you skip probate costs and answer any questions you may have about what to invest in rather than mutual funds.

According to Level Up Financial Planning, “Many people do not realize how tax-inefficient many mutual funds can be. Avoid making the mistake of purchasing a mutual fund that may be forcing a significant dividend or capital gain distribution.”

From the statement above, if you end up making this mistake of purchasing a mutual fund a can result in situations that could be avoided if you just ignore mutual funds and try to stay away as much as possible. There's no need for more difficulties in life right now due to how stressful and challenging it has been already.

If you do find yourself in a situation or in a dispute after purchasing a mutual fund then keep in mind that an estate litigation lawyer in Miami would become your best friend. This is due to the fact that they’ll be able to represent you considering this situation would be involving a litigated dispute over any type of estate or trust assets.

It’s a Good Idea to Review Estate Plan

When preparing for the year-end tax planning, one of the best things you can do to make sure everything is in place and in order would be to review your estate plan. It's always a great idea to just take a double look at it just in case you realize any mistakes that have been made so you'll be able to easily fix it.

According to a law journal named the Legal Intelligence, “The end of the year is a great time to review your estate plan (or make a resolution to review in 2021) to see if changes might be in order (whether because of changes in the tax law, your wealth, your chosen fiduciaries, or objects of your bounty). If you don’t give this some thought at year-end, you might never get around to making desired changes before it’s too late, since none of us can know if we will have any advance notice of the actual deadline.”

Reviewing your estate plan can be extremely beneficial for you since you're able to take another look at it and make any changes that need to be made. Sometimes we often go over something after the first time and realize there are changes to make and this could really help by catching it in time before it does become too late as stated above.

These are just a few strategies that you should think about before the year-end tax planning has arrived. You don't want to be that person that ends up forgetting all about the year-end tax planning and when it actually comes around you feel stressed out and anxious about what to do because you didn't plan properly.

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.

Who Needs an Estate Plan? You Do!

Have you ever been curious about whether or not you need an estate plan and if it's really crucial to have one? Well, the answer to that is that having an estate plan can really help you and benefit you for multiple reasons.

Estate planning and even elder estate planning in Miami, allows you to be fully prepared for anything that comes your way and that's why you should have knowledge of how important it is to have one.

Now first off, you may be wondering what is an estate plan just so you have a better understanding of what it is, just in case you're interested in pursuing the process of getting an estate plan. So that being said, you may want to stick around to see if any of this could be beneficial for not only you but anyone else that may be curious about estate planning.

Additionally, elder law estate planning that can be located in Miami is also a service that is geared more towards the middle class which can be recognized that they might not think they need to get an estate plan but in actuality, everyone could benefit from having an estate plan.

Estate planning in general is considered to be an extra layer of preparation when it comes to your future, property, children, and even your estate. This will make sure that you have taken the proper precautions and safety measurements to have everything in order when needed.

Additionally, one of the main reasons why it's beneficial to have an estate plan is that it will allow you to set up your asset bases such as a settlement of estate taxes and also who will take on your property. Also, that includes who will be the person that takes care of the decisions for you when you're unable to take care of yourself due to older age.

If you find yourself realizing that you may want to start getting the ball rolling on an estate plan, then you may want to get in contact with estate law specifically in Miami.

This can help answer any questions you may have and it will help guide you through the entire process. This can be extremely helpful especially if you're not quite sure how to start the process or even who you’ll decide to take on your decisions when you're incapable of doing so.

Another service that could help guide you in the right direction is elder estate planning in Miami, this would be most beneficial especially if you're at that age that you're worrying about whether or not you should get a will and any of that other separation to make sure your secured and ready when the time comes for someone to take on your property, estate, and anything else in that category, which focuses more towards the middle class.

One of the many reasons why you may need an estate plan is to help you establish who will take on your wealth after your passing. A lot of people tend to pass on their wealth to their children so when they're grown up they're able to take care of your property and everything else that you've decided to put their name in.

This is a great way to make sure that everything you've ever owned is in the hands of someone you can trust and you know that they will take good care of it. You want to make sure the name you put down that will be in charge of all of your property is someone that you're able to acknowledge is a person that won't take advantage of you and won’t do any type of damage when it comes to your property.

Now keep in mind if you find yourself struggling with this decision, estate law in Miami can help you with this process by having an attorney on your side to make sure everything goes appropriately and done in a civil manner.

The reason as to why you should think about getting an estate plan is due to the fact that if you're interested in being able to give a gift to a charitable cause you're filling out the paperwork about who is going to get certain things that you own then you're able to and it can be done that way. Elder estate planning in Miami is also a way for you to be able to make this happen when discussing all the benefits that come with getting an estate plan.

A lot of benefits and features come with getting an estate plan due to everything that is involved within one, you're able to start the process on your will, and secure all of your wealth that you have made in your lifetime which is given to a cause or someone you believe it should go to and know that you can trust them with it.

This would be a great way to give back to the community if you're planning on donating a significant gift to a charitable cause and if you were interested in doing this, then you definitely want to make sure you've done research regarding what’s involved in an estate plan and everything that can be beneficial to you and your loved ones in the future.

Estate law in Miami can help you gain insight on the net worth of yourself or one of your loved ones, It's always a good idea to figure out the sum of the person's assets which can include legal rights, entitlements of a specific property, and many others that could be beneficial for someone to know about.

However, the best thing to know is that you can never be over-prepared when it comes to making sure everything is good to go and everything has been established regarding who will be taking over your wealth once you're either incapacitated to take care of yourself or after death.

It can be a scary thing to think about, especially since it's something that's not the best thing that anyone wants to think about, but it's a good idea to be prepared in case anything happens in the future. That being said, if you find yourself in the middle-class sector and you feel as if you don't need an estate plan of any kind, just be aware that even elder law estate planning in Miami can be a great way for the middle class to understand why they are also eligible to get one.

Hopefully, you are able to realize that planning for the future isn't a bad thing at all and it could be a smart idea to make sure you are taking the proper precautions that could affect your family, property, estate, and of course yourself in the future.

Why Planning for Incapacity is Essential

While nobody wants to think that one day they may become incapacitated, it is still a possibility that needs to be planned for.

Mental incapacity can be caused by an injury or illness, leaving you unable to make informed decisions about your health, future, and finances.

In this post, you will learn about estate and trust planning, and why it is essential.

What Happens Without an Incapacity Plan?

Incapacity can be temporary or permanent. During this time, you will be unable to conduct business.

You may think, But I have a will. While having a will is important, it can only deal with what happens after you die.

If you become incapacitated without a formal plan in place, a probate court will decide who assumes the responsibility for your health and finances.

Before incapacitation, you may have an idea of who you want to manage your assets- a partner, child, sibling, or friend- but the court will not know this and have to make an independent decision.

This asset manager will be in charge of your finances until you recover or die. These financial decisions can be related to how you are cared for during the time of incapacitation.

If your family disagrees with who the court appoints and you die, they may have to go through the probate court system twice.

Control Your Life with These Three Documents

Advance medical directives require a medical power of attorney, a living will, and a HIPAA authorization. Without these documents, healthcare providers may have to look to your family to make decisions.

A medical power of attorney, or a healthcare proxy, will appoint someone of your choosing to make your healthcare decisions should you become incapacitated.

Choosing an agent with the authority to make these decisions before becoming incapacitated can save your family a lot of heartache in an already difficult time. You should always have a conversation with the person you plan to appoint as your decision-maker.

A living will is a legal document in which you detail what you want, or don’t want, during your end-of-life medical treatment. This can be regarding any procedures or medications you would not want.

A living will should also include your wishes regarding a DNR (do not resuscitate), a DNI (do not intubate), and organ donation.

Federal and state laws have strict regulations to protect a patient’s sensitive health information from being disclosed to others.

Having a HIPAA authorization will grant healthcare providers the ability to disclose your medical information to the individuals you have named. Should you become incapacitated, it is important for your loved ones to know what is going on.

Choosing an Agent

There are many things to consider when choosing someone to be in charge of your finances and health should you become incapacitated.

First and foremost, your designated decision-maker should be willing and able to accept the responsibility. You need to be on the same page as each other regarding some of the most important decisions of your life.

If you are conducting your estate and trust planning in Miami and your agent is in Los Angeles, you may want to consider somebody else for the responsibility.

Modern technology makes the distance between you and your agent seem smaller, but having an agent that is closer in proximity to you may be a good idea. If you end up in the hospital or another care facility, somebody who lives close to you will be able to get to you and talk with your healthcare providers faster.

No matter how close of a relationship you have with someone, you should make sure your agent has good financial practices.

Rather than choosing one person to be your agent right off the bat, it is better to consider and speak with a few different people that you are considering.

Why You Should Make a Plan Now

The year 2020 has brought with it the debilitating virus COVID-19. Studies have shown that the virus negatively affects older people and those with underlying health conditions more than others.

Many people with serious cases of COVID-19 end up intubated, leaving them in the hospital, many times alone, and unable to speak.

Take Miami for example. During the Summer of 2020, Miami was called the “epicenter of the Coronavirus”. The state of Florida has the highest percentage of residents that are 65 and older, making cities like Miami home to a high-risk population.

If you live in South Florida, you should consider speaking to an estate and trust planning firm in Miami or a will planning firm in Miami. The lax COVID-19 regulations in Florida mean there is a higher chance of you contracting the virus.

Estate trust planning in Miami can ensure your needs are taken care of should you become incapacitated by the virus. Will planning in Miami is essential for any resident at risk of being severely debilitated by the virus.

Other Reasons for Estate Planning

Estate planning will give you peace of mind about what will happen following your death. It will take one more thing off the plate of your family members by knowing they have one less thing to deal with.

When making an estate plan, you can plan on how you will be providing for different members of your family.

If you are estate trust planning in Miami, you are able to designate finances or possessions to your children, even if they live across the country.

You can plan the transfer of your business and business assets to a successor while protecting it from possible lawsuits.

You can designate funds to be donated to charities or scholarship foundations that are meaningful to you.

You can pass valuables, collections, and personal effects to future generations to keep your memory alive.

Important for Everyone

No matter your age or if you have underlying health conditions, you can become incapacitated when you least expect it.

Protecting your body and your wishes after this happens is essential, and planning for incapacity is a reassurance for you and your family.

How to Plan Your Estate During Tough Times

The Covid-19 pandemic has created a lot of stress among people all across the world. It has created many unwanted fears, the fear of illness, losing your job, a family member, or your estate. While all of these fears are on your mind, it is beneficial to consult an estate and probate planning law firm in your area to help put your mind at ease.

Many people that do not have underlying health conditions often don’t think about having an estate plan. But the truth is planning that your estate is in good hands is something everyone should do. Since the pandemic, now may be the time that you come up with a plan.

Elder Law Planning and Estate Planning

Elder Law estate planning works to maintain and protect your income and assets for you to use while you are still alive. This could be allocating funds to use if you are receiving at-home care or thinking about entering a nursing facility.

Upon contrary belief, estate planning and probate does not need to start when someone is elderly or retired, but instead when assets are accumulated. Finding a trusted estate planning law firm to work with from the beginning will ensure that your assets are secure.

Estate planning works to distribute your assets once you have passed away in the most advantageous way for your family to support themselves. This includes going about planning your estate to make sure you are taxed strategically and appropriately for your income.

The fundamental concepts of an estate plan are the will, tax reduction strategies, power of attorney this person will act in the client's best interest if the client is unable to. Some strategies one may encounter when consulting an estate planning law firm are transferring assets, setting up a trust, and preparing prenuptial legal documents.

It is important to consult a well-informed estate planning law firm to see which estate plan will work best for your situation. Miami Probate is a well-known estate planning law firm that will help you formulate a plan to distribute your assets after death. Hiring a qualified law firm to plan and probate your estate is very important.

What Documents Do You Need for an Effective Estate Plan During a Pandemic?

Financial Power of Attorney (POA)

The power of attorney document is a legal document that gives authority to someone else, oftentimes this is an adult child to act on your behalf. The reason that this is so important to estate planning is that if you become incapacitated for whatever reason someone needs to manage your assets, pay bills, and make life alerting decisions for you while you are unable to.

Health Care Power of Attorney (HCPOA)

This is similar to a power of attorney document, but this is the document that allows other agents (the specific person you designate: child, trusted family member) to make healthcare decisions on behalf of you if you are unable.

This is especially important to have while in a pandemic. This may be the right time to hire a trusted estate planning law firm in Miami to put you and your family's mind at ease in the worst-case scenario that you do contract Covid-19 and are incapacitated.

Living Will (Advance Health Care Directive)

A living will assure that your wishes for end-of-life treatment are determined by what you want when you are unable to communicate this. By creating a living will you take the emotional toll this leaves on family members and gives it to a legal document.

Working with a trusted probate lawyer to write and develop your will during a pandemic will save your family the emotional stress of arguing over money and assets. If you are interested in creating a living will check out Miami Probate. They have dependent, experienced will writing lawyers that will alleviate you and your family of this added stress during the pandemic.

Do In-Depth Research

When choosing an estate planning law firm it is important to conduct research about different associations to be sure it is a proper fit for you. You will be working with this law firm for quite some time. Proper qualifications for estate and probate planning are very important. Speak to other family and friends who have been through the process. Generally, most law firms in Miami specializing in estate planning offer free consultations.

Review Your Existing Documents

Along with reviewing your existing documents, keeping appropriate and well-organized records is very important. During the pandemic, this may be a good time to review all of your documents to confirm that they are up-to-date with what you wish to happen to your estate.

Along with reviewing your existing documents, these may need updates if someone in your family has given birth, married, divorced, or passed away. Updating your estate plan ensures that it will be up-to-date and how you intended it to work.

What happens if you don’t have an estate plan when you die?

Under Florida law, if you do not have an estate plan then Florida provides a default estate plan for you. However, it is in your best interest to create one. According to an Estate Planning Law Firm, the legal default estate system goes as follows:

1. Depending on the circumstances your spouse will receive the entirety of your estate. Your kids may receive a portion or all if you do not have a spouse.
2. The heirs of the estate will receive all of their inheritance at once. This is what you do not want to happen. Especially, if the heir is a minor or young. This creates lots of issues and they will most likely spend it very quickly.
3. The court will provide a representative for the estate, usually a close relative, but not always.
4. The court will appoint a guardian for your children if they are minors. Leaving this up to the court leaves your children in a bad place.
5. The court will appoint a guardian to care for you and make your financial and medical choices.

Overall, it is very important to plan your estate and probate with a trusted law firm. Remember it is never too early to start planning to assign someone to be your power of attorney, create a living will, or assign someone to be your advanced health care director. These are all very important documents that should be handled by only the best law firms. During the pandemic is a good time to start thinking about creating these documents or reviewing them. If you are looking for a lawyer visit Miami Probate for all of your needs.