According to a survey by Caring.com, only 40 percent of adults have a will or living trust. Even more concerning, over 70 percent of adults under the age of 52 lack any type of estate plan. There are several reasons why the majority of adults are not prepared. Most people think they have plenty of time to develop an estate plan in the future. However, the best time to plan your estate is in the present. Contact an estate attorney in Tampa today.
What is the Purpose of an Estate Plan?
Your estate is the sum of your assets. This includes your finances (checking and savings account), home (and other properties), cars, and a variety of other things (insurance policies, 401K, pension, retirement plan). Hiring an estate attorney in Tampa ensures that your assets are protected and appropriately distributed at the time of your death. Although an estate plan can be valuable for a variety of reasons, most importantly, it makes certain that your family is provided for after you pass away.
Need Assistance With Trust Law in Tampa?
Estate planning is beneficial for everyone involved. Here are just a few of the ways that an estate attorney in Tampa can help preserve what you value most:
Distributing Your Assets: Without an estate plan, your assets will be distributed by the probate laws in your state. An estate plan can control precisely where your assets will be distributed after you pass away.
Family Assistance: For single parents or or cases where both parents perish, an estate plan can appoint a guardian for your children. Our attorneys also specialize in trust law in Tampa and can create several types of trusts to offer financial support for your family members as well.
Creating a Contingency Plan: If you become medically incapacitated, an estate plan can appoint a person to make critical decisions on your behalf. You can also clearly articulate any of your wishes during a time of medical emergency. Further, an estate plan can outline any funeral requests you have and can also reserve funds for these arrangements.
Protecting Your Assets: There are many other benefits to creating an estate plan. You can name an executor to oversee your estate, transfer property to any beneficiaries, and reduce taxes collected on your estate with a plan.
Protect Your Business
If you are a business owner, you will want to ensure your company remains active with a succession plan. Our law firm can help you appoint a successor and ensure the right management team is in place to maintain your business for many years to come. This is another feature that can be included in your estate plan.
For more information on trust law in Tampa, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.