Estate planning is an often neglected but extremely important topic. Most often people do not want to think about unpleasant thoughts like their own death. But irrespective of how unpleasant it may be, it is inevitable. When the time comes, we would all want to ensure our families or beneficiaries face no problems with inheritance and family conflicts.

Proper estate planning ensures that all our assets are transferred smoothly to our chosen inheritors. But what exactly do we mean by proper estate planning? The estate planning and estate protection experts at Miami’s Luis E Baretto & Associates, P.A., share some excellent advice on this matter.

Why is estate planning essential?

The trust and estate litigation lawyers at Luis E Baretto & Associates, P.A., share multiple reasons why you should consider estate planning well in advance. Firstly, an estate plan is a protection, both for your estate and your beneficiaries.

When you have documented your decision on who should inherit your estate after you, it leaves no scope for conflicts. It ensures that your estate goes to the right hands and also ensures that your beneficiaries are not deprived of their inheritance.

With proper estate planning, you can also minimize the tax burden that your heirs will have to bear when they receive the distributions.

How to proceed with estate planning

The estate planning experts at Luis E Baretto & Associates, P.A., say that you can very well start with the process on your own. But they suggest that it is best to get reliable legal counseling to ensure that you are doing things right.

Will/Trust

The first step in estate planning is to create a will or a trust. It may sound too dramatic to some, but having a will is important for everyone, irrespective of how much or how little you own, say the probate litigation lawyers from Miami. The will/ trust should clearly state who will inherit your estate in the event of your death.

It must also name your executor and guardians for your children if they are less than 18 years old. An attorney can help you choose the right language to avoid any ambiguity in your will.

In case of a revocable trust, you give the responsibility of your assets to a trustee who holds and uses the estate for the benefit of your inheritors. The trustee is responsible for distributing the assets according to your wish among your beneficiaries. A trust does not have to undergo probate and involves a lot less paperwork, unlike a will.

Power of attorney

A power of attorney gives authority to another person (agent) you trust to act on your behalf when you are unable to. You might want to draft a strong power of attorney if you are ill and see your health getting worse. If the principal is physically or mentally incapable of handling the assets, the power of attorney gives the agent the right to make transactions and decisions on behalf of the principal.

You can revoke the power of attorney at any time when you are deemed to be physically or mentally competent. Luis E Baretto & Associates, P.A., suggests choosing your agent wisely and consulting an attorney or a law firm before getting to a decision on your power of attorney.

Letter of intent

The legal experts at Luis E Baretto & Associates, P.A., also suggest leaving a letter of intent for your executor or beneficiary. The letter of intent simply explains what you intend them to do with your estate. It is not a legal document but it certainly makes things easier for everyone during probate and otherwise.

About Luis E Baretto & Associates, P.A.

Luis E Baretto & Associates, P.A., is a law firm specializing in litigation, appeals, estate planning, wills, trusts, probate administration, and more. It is reputed as one of the best trust and estate litigation probate law firms in Miami, with over 23 years of experience in the field.

Get to know more about the services they provide here.

For More Information :- http://miamiprobate.com/