Jacksonville Beach Estate Planning Lawyer

Jacksonville Beach Estate Planning Attorney

Having an estate plan in place is critical to protecting the assets you’ve worked so hard to acquire. With an estate plan, you can outline how your assets will be distributed among surviving family members upon your death. A Jacksonville Beach estate planning lawyer is a necessary resource to engage for help creating a plan. An experienced lawyer can review your situation and create a tailored plan for you.

It’s never too early to begin planning for your future. You will pass away at some point, and your assets will need to be distributed. Don’t make the mistake of putting your estate plan on the back burner. Act now and get started creating a comprehensive plan.

There are several steps to creating a solid plan. You need to consider your health, financial situation, family members, and objectives. There are several tools available to help you protect your assets.

Revocable Trusts

A revocable trust is a legal document created to help manage your assets after death. Assets can be placed in a trust where they are protected. A trustee is appointed to manage the assets held in the trust. This could either be yourself, another person, a bank, or a trust company. A revocable trust can be amended, revoked, or restated while you are alive, but once you die, it is irrevocable. This type of trust provides little protection against creditors.

Irrevocable Trusts

Irrevocable trusts cannot be modified or terminated once they’ve been created. There are very rare circumstances where modifications are allowed but it requires intervention by the court. Transferring your assets into the trusts gives the ownership rights to the trust. These are typically used for estate tax reduction, Medicaid planning, and asset protection from creditors.

Living Will

A living will is a document that outlines your preferences for the end of your life. This not only includes your asset distribution but also your preferences for medical treatment. It must be signed, dated, and witnessed by two people who are unrelated to you. It’s a document that can be vital in everyone’s estate plan.

Durable Power of Attorney

A durable power of attorney is a legal document appointing someone with the legal authority to manage your financial affairs. This authority can encompass many things; it can give someone the authority to make decisions regarding your property and finances. This document survives incapacity, that’s what makes it “durable.”

For example, if you choose someone with a durable power of attorney to make decisions on your behalf and you become mentally incapacitated, that person can step in and make decisions on your behalf. This can be a quicker process than waiting for the court to appoint a legal guardian for you.

Jacksonville Beach Estate Planning Law FAQs

Q: What Is the Average Cost of a Probate Attorney in Jacksonville Beach, Florida?

A: The cost for a probate attorney can vary depending on multiple factors. The complexity of the estate, the services needed, and the reputation and experience of the lawyer will influence the cost. You should also consider the location of the lawyer in Jacksonville Beach, FL. Cost of living, services demanded, and overhead expenses can vary based on location. When looking at costs, you should prioritize a lawyer’s reputation, experience, and quality of service when deciding on the right lawyer.

Q: What Is Estate Planning in Jacksonville Beach, FL?

A: Estate planning is the process of creating a plan for your assets after your death. A plan contains a set of legal documents that outline how assets will be distributed among surviving family members. Upon death, your estate could be subject to probate court. If you die or become incapacitated, you need a game plan for your assets. You can achieve this by having a proper estate plan in place.

Q: What Documents Go Into an Estate Plan?

A: There are several documents that can go into an estate plan. One of the most common documents is a last will and testament. This document explains what should happen to your financial accounts, real estate, personal property, and any other assets after your death.

Another document that could be included is a trust. A trust is a legal contract allowing another person to hold property for the beneficiary. Trusts can be helpful if the beneficiaries are minor children who aren’t able to handle the inheritance.

Q: What Makes a Will Valid?

A: A will is valid in Florida if it is written and has your final wishes outlined. It must be signed by yourself and two witnesses. The key elements of a will are that it has your signature, witness signatures, and an accurate description of your wishes for your assets. There are no specific words required. A will should also name a personal representative who will manage the estate upon your death. They will manage your estate based on your will.

Q: What If Someone Dies Without a Will?

A: If someone dies without a will in the state, their estate may be distributed to their close relatives based on the state’s intestate succession laws. These laws provide rough guidelines for how courts will distribute assets to family members. This process is known as intestacy. There are several legal consequences that can follow. For example, a personal representative will be appointed by the court to manage the estate. This includes identifying assets and liabilities, valuing them, paying off debts, and distributing remaining assets to beneficiaries.

Legal Resources You Need

Having a proper estate plan in place is the first step to ensuring your assets will be properly passed down to your beneficiaries. Whether you need help creating a trust or a will, an estate planning attorney is a necessary resource to engage.

The legal team at the Law Office of Douglas A. Oberdorfer, P.A., is ready and able to assist you with creating a comprehensive estate plan. With our team on your side, you can count on their legal guidance to help you build a strong game plan for your estate. It’s important that your assets are distributed according to your wishes. Contact us today to speak with a member of our legal team for help.