If the unexpected occurs, then certain documents like a will, trust, and power of attorney let your loved ones know what your wishes are. Having up-to-date, comprehensive estate planning documents empowers you to do just that. Numerous websites have do-it-yourself, cookie-cutter forms you can purchase and muddle through but this is an area where you will not want to cut corners.
If you do not have a comprehensive and legal plan in place, the Florida default rules apply and they might not follow your desired path. Hiring a compassionate Coral Way estate planning lawyer saves your loved ones the hassle of wondering or arguing over what your wishes really are. Our team of local attorneys is ready to provide accessible legal advice when you need it most.
What Happens If Someone Passes Away Without a Will?
Florida law has a set of rules in place about what happens to someone’s estate (including cars, homes, money, and other belongings) if they pass away without a last will and testament. If they are married and do not have children, the spouse usually gets 100 percent of the person’s estate. If they have children, the spouse may get the entire estate or only half, depending on the relationship between the children and the spouses.
If the person does not have a spouse when they pass away, their children typically get an equal share of the estate. If not, the other relatives may receive property in equal shares.
The default rules may or may not reflect what the individual would want if they had a say; but not having a valid will creates doubt. Rather than leaving it up to whatever rules were put in place, people in Coral Way can take control of their situation by calling an estate planning lawyer and creating a clear plan for what happens when they pass away or become ill. A lawyer helps people accomplish this by giving candid and informed advice based on each person’s situation and preferences.
What Is a Trust?
A trust is an entity that owns property for someone else’s benefit. For example, parents might have a trust own their house or a bank account to save the asset and provide for their children. Some types of trusts (like living trusts) go into effect when the person creates them but others (like a testamentary trust) do not.
Someone can also create a trust and name themselves as a beneficiary right now but have another person receive the benefits of the trust later. This structure can come in handy if the person has a disability or a degenerative condition. They can put someone else in charge of the trust to pay for medical or living expenses, for example.
State law allows people to create many types of trusts, all with different purposes, risks, and benefits. A Coral Way estate planning attorney is best suited to work with someone to create a viable estate strategy. They can collaborate and guide the individuals to write a plan that makes the most sense given their priorities and property.
Contact a Coral Way Estate Planning Attorney for Assistance Today
A well-written estate plan gives you and your family peace of mind if something should ever happen to you. It removes the uncertainty about your funeral and who you would like to inherit your belongings. Detailed estate planning documents can also set up a legacy for your loved ones and put someone in charge of making medical and financial decisions if you are cognitively unable to because of an illness.
A Coral Way estate planning lawyer would be happy to help you through the process of writing or updating your will, trust, power of attorney forms, or other legal documents. Contact The Florida Probate & Family Law Firm today to schedule a free, no-obligation consultation.