It’s not always easy to answer whether you need an estate plan or not. Speaking generally, everyone should make an estate plan, whether you have minimal assets or numerous, extensive assets. Planning for death or disability is a critical step in everyone’s lives.
At The Probate Pro, our Lake Mary estate planning lawyers know exactly what you need to do to protect your assets and your heirs. Call us and speak with a probate law attorney to discuss your future.
When we use the term “planning,” we are referring to a comprehensive estate plan that would include a will, a trust, powers of attorney, and other important documents. You have to ask how each of these documents affects your particular set of circumstances.
There are different types of ownership interests that exist for owning assets, and our Lake Mary lawyers can talk with you about how each of them is handled in your estate plan. Assets refer to anything that has value, from cash to investments to physical items.
First, there are individually-owned assets. If you own something in your individual name (such as a vehicle), they will go through probate when you pass away, but you can also be more targeted by creating a will which dictates how your estate will be distributed. If there’s no will, then the Florida laws of “intestate succession” will dictate how the assets are distributed among the family.
The next ownership interest that a Lake Mary estate planning attorney can explain is a jointly-held asset. These exist when the assets are held between one individual and another, often between two spouses, or perhaps between a parent and child. A jointly-held asset is one in which, if the magic language is contained within that ownership, it will immediately pass to the other person upon death. There is no need for a will or a trust to pass that asset.
Then there is a beneficiary-designated asset. These are assets like life insurance or a 401k, in which there’s a named beneficiary who receives that asset upon death. Again, that asset will pass outside of probate and outside of a will or a trust, because within the contract itself, you have identified who the beneficiary is.
Finally, there are assets held in trust. There are actually many types of trusts, but if you properly title an asset in your trust, then that asset will flow to the named person(s) upon death.
It is really critical that you maintain control over how you want your estate assets to be distributed. We don’t suggest that you decide to put your valuables in joint ownership or pay-on-death without legal counsel. It’s critical that you work with a competent Lake Mary lawyer who knows how to determine which estate planning tools are best for you.
The critical aspect here is an understanding that you have control over your estate plan, not your children, not your spouse, or any others. You are the one who decides how you want your estate to be distributed.
If you have further questions regarding how to plan your estate or whether you are a person who would benefit from an estate plan, give us a call at The Probate Pro. We are highly trained estate planning attorneys in Lake Mary who are committed to preserving your wishes for the future.