The Benefits Of Creating A Comprehensive Estate Plan

Creating an estate plan is something that many people delay doing, but it is important not to. By creating a comprehensive estate plan, you can ensure that your loved ones are taken care of after you pass away, minimize the impact on them, and ensure that your wishes are honored. Below, our Daytona Beach estate planning lawyer further explains the benefits of having a comprehensive plan in place.

Protect Property for Beneficiaries 

With a comprehensive estate plan, you can ensure that your property is preserved and transferred to your beneficiaries in the manner in which you intended. This can involve establishing a will, trusts, and other legal tools to ensure a smooth transition. Your will acts as the foundation to your estate plan and specifies your wishes for asset distribution and management. Instruments such as transfer-on-death accounts can ensure your property is transferred without the need for legal proceedings.

Reducing Probate Costs and Estate Taxes 

Comprehensive estate planning can also help your loved ones avoid the probate process and substantially reduce taxes. Creating a revocable living trust can help your loved ones avoid probate altogether and allow them to receive property without court intervention. If your beneficiaries live in a high-tax jurisdiction or have higher tax brackets, comprehensive estate planning can also minimize their tax obligations.

Ensure Your Wishes are Respected 

Specific legal documents can make sure that your final wishes are respected in regards to healthcare decisions and asset distribution. Advance directives such as a healthcare surrogate or durable power of attorney designate someone to make decisions on your behalf in the event that you ever become incapacitated. There are many different types of advance directives that may apply. It is important to work with a Daytona Beach estate planning lawyer who can advise on the options that may be right for you.

Establish Guardianship 

Many people think that a will only distributes assets to their beneficiaries after they pass away. While this is an important aspect of all wills, they can also name a guardian for your minor children. The guardian is then responsible for the child until they turn 18 years old. Without naming a guardian in your will, the state will choose a guardian and their choice may not align with yours.

Reduce the Stress on Your Family 

After you pass away, your family will feel immense grief and may have difficulty moving on. With a comprehensive estate plan, you can help them avoid the probate process, which can be costly and time-consuming. You can also outline your wishes for end-of-life care, which saves your family from making difficult decisions.

Our Estate Planning Lawyer in Daytona Beach Can Help with Your Plan 

If you need to create a comprehensive estate plan, our Daytona Beach estate planning lawyer can help. At Bundza & Rodriguez, our experienced attorney can advise on the documents you need and make sure they are executed properly so you and your family are protected. Call us today at 386-252-5170 or chat with us online to schedule a consultation and to get the legal help you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html