Mustering up the courage to create an estate plan is a daunting task. Nobody wants to think about a future in which they are no longer a part, but people must also recognize the importance of planning for the sake of others.

There are a variety of reasons why you should consider meeting with an estate planning attorney to create an estate plan, and this post will detail some of them.

Who Needs an Estate Plan?

Anyone and everyone can benefit from an estate plan. Estate planning is not just for people with substantial financial holdings or multiple properties. A thorough estate plan will cover so much more than a traditional will.

Your estate plan should include a medical power of attorney, health care proxy, and life insurance beneficiary designations. Hiring an estate litigation lawyer in Miami sooner rather than later is a good idea for anyone.

Estate Plan vs. Will

With less than half of the American population having a will or estate plan, many people do not know the difference between the two.

A will is a relatively simple legally binding document that details how your assets will be distributed following your death, as well as the ability to appoint guardians to anyone in your care.

An estate plan gives you the ability to give direction regarding matters that are not covered by a will, guaranteeing your loved ones receive the maximum benefits through a smooth process. Creating a will and appointing an administrator to manage your estate are only small parts of the process.

A will, trust, and estate attorney in Miami can help you get started today.

Protecting Your Assets

Your estate litigation attorney in Miami will create a thorough plan that includes more than just your bank accounts and personal possessions.

If you own multiple pieces of property or have a large financial investment in a corporation, you may want to appoint a specific family member to control these assets following your death. Estate litigation lawyers in Miami also have experience in creating estate plans that protect any valuable collectibles you may have.

You may also choose to donate assets to a charitable organization, and having an estate plan will ensure your donations are distributed accordingly.

Business Succession

If you become incapacitated or pass away before retiring, there may not be a plan in place for your business. Should you plan to keep it in the family, you should speak to your family members before appointing them as successors.

It is also important to speak with an accountant to assess your business’s worth, should it be cashed-out to your estate following your death. If you are a business owner, you know how much work you put into your business, and would hate to have it fall apart once you are gone.

Establishing Directives

This portion of an estate plan includes important legal directives for both when you are alive and after you have passed.

A trust should be part of your estate plan in which you designate specific portions of your estate to go toward certain things while you’re alive. Should you become ill or incapacitated, your trustee can take over.

Included in your directives should be a medical care directive as well as a designated medical power of attorney. This will detail your wishes for medical care should you become unable to make decisions for yourself, including wishes regarding DNIs, DNRs, and certain procedures you may not want to have.

A durable financial power of attorney will allow someone else to manage your financial affairs if you become unable to. This power includes paying bills, taxes, as well as having access to your assets to manage them.

Establishing a limited power of attorney is another option that an estate plan gives you. This is a great option for you if you do not feel comfortable with the idea of turning over everything to one person. This document imposes limits on the powers of your named representative.

Special Circumstances

Hiring a will trust and estate attorney in Miami is essential if your beneficiaries fall under unique circumstances. Two of the most common circumstances that affect estate planning decisions are blended families and families with special needs.

Having both biological children and stepchildren can complicate inheritance decisions, especially if you want to designate different amounts to each child. Without a solid estate plan, these scenarios can become very difficult for your family following your passing.

Avoiding Probate Concerns

Having an estate plan minimizes the probate process and everything that comes along with it.

Even after your death, you want your privacy to be protected. Without a proper estate plan, your information can go to the probate court, where it can be accessed publicly. This information can be used to challenge or contest your will.

Should your family need to go to the probate court, they may be faced with substantial fees. Even if there is no conflict that needs to be resolved, your family will still be responsible for paying these fees.

The average uncontested probate may take longer than a year. This could feel like a very long time to your family if they relied on you for financial support when you were alive.

Conclusion

There really aren’t any downsides to speaking with an estate litigation attorney in Miami. Their expertise will help you to decide what you need to include in your estate plan.

Your attorney will also help guide you through some of the tough decisions you will have to make. These decisions regarding your assets, business, and medical directives are hard to make on your own, and having a third party to confide in will be helpful.

Remember, it is also important to speak with your family before finalizing your estate plan. Appointing someone as your medical power of attorney or financial power of attorney is a lot to ask of someone, and you need to make sure they are willing to accept that power.

It is in your best interest and in your loved one's best interest to create an estate plan, and even better to get started as soon as possible.

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