Strengthening the Transfer of Wealth through Proper Estate Planning

What happens if the deceased did not have a legal will? The court will determine who has the rights to the assets in the law of intestacy. The estate of the deceased will be left to the next of kin in a fixed order. Probate means the legal actions taken on the estate of the deceased valued in excess over certain minimum amounts. Probate is not actually very difficult to understand but it can be quite complex to undertake hence the need for the Probate Attorney in Sarasota FL. Since the deceased is no longer present to sign deeds, write checks, handle the decisions in the business and distribute the assets to the heirs, the probate court assigns the duty to a representative. This can be lengthy process since only after all the legal requirements have been met will the representative be able to distribute all the remaining assets to the beneficiaries.

Court involvement in the financial affairs of the family can be long and tedious as well as an expensive process hence the need for a valid will and estate planning. The goal of the Probate Attorney in Sarasota FL is for an estate planning in order to avoid the probate court processes. However, if under the circumstances and the deceased departs without a valid trust, the lawyers will see to it that everything runs as efficiently as possible. The estate will not be available to beneficiaries until all debts have been paid including federal estate taxes. All claims, taxes, attorney’s fees and miscellaneous expenses will be deducted from the estate before it will finally be distributed.

The importance of a valid will and estate planning is established since it will provide the heirs with financial security in the future especially in cases where the beneficiaries are not prepared to handle such a big inheritance. The trust protects the estate until such time when the children are mature enough to handle the responsibilities. No client wants to leave an estate to the spouse and children which will later on be lost on account of a divorce proceeding. A typical trust is something that will follow the parent’s wishes for their children to have a good education and be financially stable once they have reached the age of maturity.

It is also very important to address the estate planning in such a way as not to leave any margin of error by setting up the right legal documents and strategies that only the expertise of the Probate Attorney in Sarasota FL can provide. The estate plans should significantly reflect the wishes of the client and as a protection for possible litigations and disputes that may arise. With the estate plans, you can designate someone who can handle the trust to manage the affairs following whatever are the specific instructions. In this process, any challenges to the estate plan will be discouraged and all the specific instructions will be carried out. By planning carefully, the inheritance intended for the children will be carried out and they will be protected.

 

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