The Right Attorney Can Make Planning Your Estate Easier And More Successful
If you’re like most Americans, chances are good that you know you should have an estate plan but have been procrastinating in creating one. It can be uncomfortable to think about a time when you’ll no longer be around. Maybe you’re not sure what you need or you assume it will be too expensive. Maybe you believe you don’t have a large enough estate to justify planning.
Whatever your reasons, it’s important to keep in mind you worked hard for your assets and you should decide what happens to them. Also, working with an experienced estate planning attorney is easier and more affordable than you might think – particularly when you contact the Law Office of Tyler Gordon, P.A. Based in Tampa Bay, I offer personalized and thoughtful representation to clients throughout Florida.
Understanding Wills And Trusts: Key Elements Of Your Estate Plan
Two essential tools to ensure your wishes are honored are wills and trusts. They are the foundations of a strong estate plan.
A will governs the distribution of your property after death. It is a record of all assets in your estate and a list of who is to inherit each. A will can also be used to name a guardian for your minor children.
A trust is not a document but rather a legal entity that allows you to manage your assets both during your lifetime and after death. You can set up a trust to more directly control when and how your assets are passed on to your beneficiaries. There are dozens of common trusts designed for specific objectives. One of the most popular is the revocable living trust, which transfers your estate assets into a trust that is controlled by you during your lifetime. When you pass away, the trust becomes irrevocable and assets are distributed according to the terms of the trust.
Together, wills and trusts provide control over and protection of your assets as well as peace of mind that your loved ones will be provided for in your absence.
Other Estate Planning Documents And Tools To Include
While wills and trusts serve as the foundation, your estate plan could also benefit from the inclusion of additional customized documents, such as:
- A durable power of attorney designation
- A health care directive (sometimes called a living will)
- A health care surrogate
- Guardianship designations
Depending on the size and details of your estate, there are tools you can use to simplify or eliminate the need for probate, even if you choose to forego a trust. Some of these tools include transfer-on-death deeds for bequeathing real estate, payable-on-death designations for passing along assets in a bank account, and transfer-on-death registration for gifting stocks and bonds.
Work With An Attorney Who Cares About Your Needs And Goals
Throughout much of my career, I worked for several large and prestigious firms in the Tampa area. I decided to open my own practice so that I could give each client personalized attention and customized legal solutions. I take the time to get to know you and understand your unique needs and goals. Then, I work with you to create a tailored estate plan that ensures your wishes will be honored and your loved ones will be taken care of. I can also help you update an existing plan to reflect changes in life, including the birth or death of family members and getting divorced.
Want to know if I’m the right lawyer for you? Contact my firm today to schedule a free 15-minute consultation (in person or virtual) about your estate plan. To get started, just call 813-322-2513 or submit an online contact form.