What Can Happen If You Do Not Have a Legal Will
Legal wills and estate planning
Discussing death is never pleasant. It is a difficult subject to think about and bring up with your family. But no matter how old you are, it would be wise to have a discussion about making a legal will with an experienced estate planning attorney.
In Florida, as with many states, if you do not have a valid legal will and estate plan when you pass away, your assets will be divided according to Florida state law which may not be what you would want. A valid Last Will and Testament “speaks from your grave."
The cost of the probate of your estate is largely based upon the value of your probate estate. There are ways to avoid assets being included in your estate, which would naturally lessen the cost of probate.
Having an estate plan and legal will is an important aspect of your financial life that should not be ignored. A proper estate plan ensures that you will be in control of the allocation of the maximum amount of your life savings and assets to those you love.
An estate planning attorney can help
Some concerns you should have about your future should be discussed with an estate planning attorney, such as:
- A Durable Power of Attorney should you become partially incapacitated with the creation of a Health Care Surrogate.
- A Living (inter vivos) Trust to minimize the cost of probate.
- Discuss any possible “death” tax issues and how to manage them, if any.
- Select the proper persons to administer your estate upon death.
Discussing these issues require the skills of an experienced attorney in Estate Planning, Wills, Trusts and Probate who is familiar with the intricacies of the applicable Federal and State laws. Such an attorney can minimize the amount of estate taxation and maximize the amount that passes to your heirs.
Contact the experienced will attorneys at the law firm of Baldwin & Morrison for help with your estate plan. With offices in Fern Park, we are centrally located to serve residents of Winter Park and Orlando. Call us today at 407-834-1424 or contact us online.
