Aug 31, 2018 - Estate Planning by Hoffman & Hoffman
Far too many people have no estate plan in place at all, and many of those who have made plans for their future have made only a simple last will and testament and not gone any further in the estate planning process. While making a will is a good first step and it is better than not having any plans in place to control your legacy at all, it is not sufficient for most people to just create a will.
A Miami trust administration lawyer can help you to understand many other important estate planning tools that you may wish to use in addition to, or instead of, a will. We can provide personalized advice on how to protect yourself, your family, and your assets by putting together a comprehensive plan to control both end of life issues and the legacy that you leave behind. Give us a call today to find out more.
Why Estate Planning Involves More Than Making a Will
Estate planning is about more than just making a last will and testament because a will only takes effect after you pass on. A will does not help you to address any of the key issues that could arise towards the end of your life. For example, a will doesn’t work to provide you with the ability to determine what kinds of medical care you will receive in case of incapacity and it also does not give anyone authority to act on your behalf, manage your assets, and make your decisions in case of incapacity.
A will also does not protect your assets either during the course of your life or after you have passed on. If you need to go into a nursing home and face costly nursing home care bills, there are tools that can protect your wealth so you are able to leave money and property to loved ones instead of impoverishing yourself getting care — but a will is not one of those tools. A will also will not protect your wealth from being lost if your estate is large enough to owe estate tax. And, the assets in a will pass through the probate process, which can be a time consuming and expensive process.
Wills also don’t allow you to take much control over what happens to your money and property you pass on – and you cannot address the special needs of your heirs or beneficiaries when you create a last will and testament. For example, while a trust would allow you to provide money for a disabled person or a child while naming someone to manage those funds and providing specific instructions on their use, a last will and testament won’t allow this.
These are just some of the many reasons why you likely should do much more than make a last will and testament to prepare for your future. If you want help with your estate plan, whether you are ready to go beyond a will or not, a Miami trust administration lawyer can provide the personalized help that you need. To find out more about the assistance a compassionate and knowledgeable attorney can offer, give us a call today.