Miami Estate Planning Attorney & Probate Lawyer

If you have assets and, more importantly, family you wish to protect, then you should create an estate plan. Many people put off estate planning for a variety of reasons. However, it’s essential that you create one before it’s too late. Illness or death is unpredictable, which is why you need a comprehensive estate plan.

Estate planning is more than just a will. It includes important documents like trusts, beneficiary designations, power of attorneys, and any instructions once you die or if you become incapacitated. An estate plan is a living document: you should update it as your needs change.

Some think that having a will protects their family from probate. However, this is a misconception. A will is beneficial, but most estates have to go through probate regardless of whether or not the decedent created one. Having a will does help your executor complete probate easily since they’ll know how to distribute your assets.

If you want to avoid probate, you can create a revocable living trust. A revocable living trust is a document where you can distribute your assets to your heirs. Trusts don’t have to go through probate, so your assets can go to your beneficiaries immediately.

Wills and trusts are similar, but they have different purposes. A will is a document that explains exactly how you want your assets to be distributed once you die. Your will may include your executor and instructions for your funeral.

A trust is an arrangement that allows you, the grantor, to transfer assets to a trustee. A trust defines the trustee’s ownership to the assets and how they should handle the distributions. The trustee must manage the assets as defined in the trust. Trusts are effective once the trustee transfers the assets, while wills become effective when the decedent dies.