It is important to give thought as to what happens to your assets after you pass away or become incapacitated. Many people avoid doing this, as it can be an uncomfortable process, but having a strategy in place is essential for protecting your family’s future.
For someone in Coconut Grove, working with an estate planning lawyer at Veliz & Associates, P.A., to decide how your assets are distributed could protect your legacy and provide future clarity. We take the time to understand your situation and guide you through all your options, allowing us to develop solutions that reflect your priorities.
The legal procedure for handling your affairs after your death is called probate. This involves an executor paying your debts and distributing your remaining assets to beneficiaries according to your Will executed under Florida law.
Your Will is perhaps the most important part of all your estate planning because it specifies your wishes for your estate. A common misconception is that having a valid Will avoids probate, but it actually serves as a guide for how the court should distribute your assets. If no Will exists, the court will apply Florida’s inheritance laws.
Alternatively, designating a trust could allow some of your assets to avoid probate. A trust holds your properties, such as bank accounts and real estate, for the benefit of someone you name as the beneficiary. When you die, the property in the trust is separated from the rest of the estate and may not be subject to taxes or creditors. Individuals in Coconut Grove may consult with our estate planning lawyer and discuss what specific types of setups will be preferred for protecting their assets.
Another key part of estate planning is designating an agent with power of attorney (POA). If you become incapacitated, this agent could make financial or healthcare-related decisions on your behalf. Incorporating a POA as part of your broader asset transfer strategy provides protection in the event of unforeseen circumstances.
Business ownership is considered an asset, and having an effective business succession plan allows for continued operation after your death or the death of your business partner. Proper preparation allows you to determine how the business will support your family’s future.
The specific approach depends on several factors, including the structure of your business. If you are the primary owner, your sudden death or incapacitation could create significant challenges, making it essential to have a succession plan in place. A lawyer could help you set up a comprehensive estate plan for your Coconut Grove business that eliminates legal headaches in the future.
If your business has multiple owners or partners, they may not want ownership interests and decision-making authority to pass to your heir. In these situations, it could still be possible to arrange for the business to continue operating while providing financial support for your family.
If you have been considering how to protect your assets for your family but are unsure where to begin, Veliz & Associates, P.A., could provide the wide-ranging guidance you need. Our team is here to listen to your objectives and develop a strategy that works for your situation.
Peace of mind comes from knowing that your assets and family will be secure when you are gone. Call us today to arrange for a consultation with our legal team and discuss how you can properly start estate planning in Coconut Grove.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917