Having a proper estate plan is the key to your family’s financial future after your death. While it may not be something that we like to think about, you have the right to determine what is done with your personal property and assets after you move on. The collection of documents that provide instructions for how this is to be done is known as an estate plan. These plans include testamentary documents such as wills and trusts and more nuanced items such as insurance plans, annuities, and business succession plans.
Understanding the estate planning process in Plantation is essential to an effective allocation of assets being carried out. A skilled trusts and estates attorney could help to create a new plan, modify an existing one, and work to implement a plan after your passing. Reach out to Marc Brown, P.A., to learn more.
Creating a New Estate Plan
The process of creating a new estate plan in Plantation is never something that a person should take lightly. A proper estate plan will determine the fate of a party’s money, property, and stake in businesses. There are many tools that a person can use to care for their estate. These include:
Classic examples of wills and trusts only go into effect once a creator passes away. These documents can control every part of a person’s estate. However, they are rarely the only documents that exert this control. For example, a life insurance policy operates independently of a person’s will. If that policy names someone as a beneficiary, that person collects the payment regardless of a will’s language. As a result, creating a new estate plan requires an individual to take measure of all their assets to create continuity in case of a sudden tragedy. Taking on this task is made much easier with the help of a skilled legal professional who can ensure the language and details of your documents are correctly written.
Modifying an Existing Estate Plan
Of course, any existing estate plan is subject to modification. For instance, a person may modify a will by destroying an old one or by placing specific language in a new will that this is the final version. Similar processes control modifications to trusts and other testamentary objects.
An individual may also change the beneficiary of a life insurance or annuity plan at any time. Often, this is a simple matter of getting in touch with that plan’s company and requesting the change in writing. A Plantation attorney could help to identify any needed changes to a person’s estate plan and take the necessary steps to ensure that their current plan reflects their desires.
Working to Fulfil a Plan After Death
Ensuring that a person’s estate plan goes into effect after death can be tricky. In cases where a person’s estate is worth less than $75,000, the court can accept a simple affidavit to distribute property under Florida Statute § 735.201.
However, as most people with a formal estate plan do not fit this category, it may be necessary to submit the estate to formal probate. The term probate simply refers to the process of the administrator of the decedent’s Plantation estate taking care to meet the terms of the decedent’s wishes. According to Fla. Stat. § 733.602, this administrator has a duty to ensure that all property, money, and other assets are attributed appropriately based on the estate plan.
Contact a Plantation Attorney for Guidance on the Estate Planning Process to Ensure Your Wishes Are Fulfilled
Crafting a proper estate plan involves delving into every part of your life. Talking with an attorney can provide essential guidance concerning the estate planning process in Plantation. If you have no current plan, Marc Brown, P.A. can help to measure your assets and to create documents that meet your goals. We can also work to modify any existing plans to meet your current needs. Contact our office today to get started.