The Estate Planning Attorneys Sarasota, FL Trusts

Confidential Legal Counsel for Estate Planning

Don’t let the courts decide who will inherit your property and possessions after you’re gone. Whatever your age, it’s never too soon to make plans for the disposition of your estate. Turn to locally owned Knowles, Bouziane & Shaffer Law, LLC for understanding, compassionate, and confidential estate planning services. With thorough attention to detail, we make complex estate issues easy to understand so you can avoid mistakes that can cost your loved ones a great deal of money down the road.

Using a variety of legal devices, we’ll work with you to tailor a plan that makes sense for your situation, satisfies your wishes, and takes the strain of making important decisions at a difficult time off of the shoulders of your heirs. Our attorneys work hard to earn your trust and confidence in our legal knowledge and expertise while helping you and your family plan for the future, which is important to us. Call for a free, same-day consultation.

The Ins and Outs of Estate Planning

Estate planning involves how an individual’s property and assets are disbursed legally before and upon his or her death. The plan you choose doesn’t have to be detailed or complex, but the consequences can be expensive if you don’t put something in place. The purpose of estate planning is to minimize estate and gift taxes and any professional fees required to put such a plan in motion.

Everyone can benefit from an estate plan. Without one, the state will mandate one and, most likely, it won’t be what you’d have chosen. At a minimum, you should have us draw up a living will that specifies your wishes regarding medical care and life support in case you become incapacitated in the future. As a next step, we advise you to draft a traditional last will and testament that states who inherits your property and possessions. However, upon your death, your estimate will still go through the probate process.

Please be aware that probate laws vary from state to state. The location where the property is titled has jurisdiction. What does all this mean – your heirs may be subjected to a long and costly probate process that can take years. This can mean a very lengthy and expensive process for your heirs. It may take years to resolve and cost most of the inheritance you willed your beloved. 

Jointly owned property or assets with a named beneficiary don’t typically go to probate because they’re not listed in your will. These assets include:

• 401(k) accounts
• Life insurance
• Retirement accounts
• And so on

There are occasions when, if not titled properly, these items may end up in probate court. 

Most estate planners prefer the creation of a revocable living trust, which allows assets to be distributed upon your death in a timely manner. These trusts protect assets from falling under state control in case you become incapacitated. Another benefit of a revocable living trust is that you may choose to have it live on after you’re gone under the management of a trustee of your choice.

The process behind the creation of a revocable trust organizes documents and assets for proper assignment. You may initiate your plan early and modify it to fit the changes in your life. 

Common Estate Planning Tools and Methods