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Port St. Lucie Estate Planning FAQ
Estate Planning Attorney in Port St. Lucie, Florida
Estate planning can become a complicated process, but it doesn’t have to be. With the right Port St. Lucie lawyer on your side, you could gain all the insights you need, starting with a helpful case evaluation. At Crary Buchanan, we continue a legal tradition that goes back for more than 85 years, a tradition of exceptional client focus, legal excellence, and the highest ethical standards. With a Board Certified Specialist and an AV® rated attorney on our estate planning team, we can provide the legal counsel you deserve. You can start finding helpful answers below.
Feel free to call a Port St. Lucie estate planning lawyer at (888) 899-8161!
What is estate planning?
In order to ensure that your loved ones are cared for after you are gone, estate planning is an effective strategy. Your estate consists of everything you own, from businesses to stocks, from real estate to jewelry. An estate plan not only dictates what happens to your property, but it also allows you to stipulate your medical treatments if you become incapacitated, name a guardian for minor children, and more.
What are wills and trusts?
Wills and trusts are estate planning tools which allow you to stipulate how your property is to be divided once you are gone. A will is a legal document in which you can write down your wishes in regards to who will care for dependent children and who should inherit your estate. A trust involves signing over your property to another person to manage until it is given to the beneficiary.
What is a revocable trust?
A revocable trust can be changed or modified at any time after it commences. It is often used as a supplement to a will and becomes irrevocable when the creator of the trust has died. Not only is it beneficial since it can be changed at any time, but it also allows your loved ones to avoid the probate process altogether. A revocable trust is also commonly referred to as a living trust or revocable living trust. Do you need a revocable trust? Our Port St. Lucie estate planning attorneys can help you determine what’s best for your unique situation.
What are my rights as a beneficiary?
If you were named a beneficiary in someone’s will or trust, you have certain claims and rights. First, you have the right to be immediately notified by the executor of the estate. Although you are not allowed to view or take the property until all the legal requirements are arranged, you do have the right to receive this property within a reasonable amount of time. If they do not give you your inheritance within a year, you have the right to request that a new executor be appointed.
How does becoming a Florida resident benefit estate planning?
As every state has different laws regarding taxes and probate, which state you are a legal resident of can make a huge difference. Florida is one of only seven states that does not impose a personal income tax on its residents. There are also asset exemptions in place so that creditors cannot touch certain types of property. If one spouse dies, their assets are automatically transferred to their own spouse.
What does a heritage trust do for me?
When you are concerned about keeping assets “in the family” so that your child and grandchildren inherit your assets and not your former in-laws and their children, you should consider a heritage trust. When this type of trust is properly drafted, it can ensure that your assets are passed to your blood relatives and can even protect those assets from their creditors in the event that your children suffer financial hardship.
Can I establish a trust for my special needs child?
If you have a disabled dependent, you must take into consideration that giving them a lump sum of money can render them ineligible for government benefits. In most cases, establishing a special needs trust is a better option. This type of trust is designed so that you can provide life-enhancing services that the government does not usually pay for.
Please don’t hesitate to contact our team at Crary Buchanan today if you have any more questions.
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