Do you know what will happen your minor children if they suddenly find themselves with no living legal guardian? If you don’t have documentation appointing someone the court will pick for you. In the mean time depending on the circumstances they could be transferred to foster care until that time.

Do you want to choose who your assets and treasured belongings go to or do you want the state’s statutes to make a plan for you? What happens if you don’t die but become incapacitated? Have you legally documented who you want to make your financial and health care decisions for you? Have YOU planned for any of this?

Unfortunately we can’t predict the future and life is uncertain. Properly planning for you and your loved ones is the only way you can ascertain certainty. Leaving your loved ones with out a plan and legal documentation evidencing your wishes is one of the worst things you can do to your family. The probate process is often complex, costly, and time consuming. Have you planned how you and your family will get through this time while your assets are “tied up” in the court system. Do you want your family and loved ones left to fight over your possessions because you didn’t plan ahead with an attorney to legally lay out exactly who gets what?

Did you know with the help of a lawyer, often times you can effectively avoid the probate process all together by creating a revocable trust? Many people mistakenly think trusts are just something for “rich” people. Furthermore, and understandably so, many people do not like to think about their mortality. However, reality is that death is a part of life. Loosing a loved one is hard enough, but failing to prepare for the inevitable is simply leaving behind a more difficult situation for your loved ones to cope with.

Not having a plan is a plan… it shows your loved ones how much you didn’t care

What happens when someone passes without a will?

When someone passes with out a will that person is said to have died intestate. When a person dies intestate that means they have not created a plan for their loved ones. This means the law will control what happens to their assets, and if they have minor children with no other living parent, the court will determine who will raise them.

You may ask what are the chances my spouse and I, or myself and my child’s other parent both pass? When you think of a situation such as a car accident, this possibility does not seem as near impossible. In fact, if one parent dies and the other is unsuitable or unavailable, the court will take into account the best interest of the child and a judge (NOT YOU!) will determine who will raise your children. By simply planning ahead and getting naming a guardian in your will and in a stand alone document YOU get a say as to who will raise your children in the event that you cannot.

Aside from guardianship issues of minor children, when people pass with out a will, often times family feuds and arguments erupt over who gets what. When there is no will often family members end up fighting over assets. This is often stressful and unfair to your loved ones who will likely want to focus on grieving through a tough time. A will may give you peace of mind but it is also a gift to your loved ones.

Why trusts are not just for “rich” people?

Often when people hear trusts they think of a trust as something for rich people. The reality is that trusts can and do benefit people with modest wealth. Probate can be costly and can often be complicated. When funded correctly a trust will allow the avoidance of probate.

A common type of trust is a revocable living trust. A revocable trust is created by a settlor who instructs and names a trustee (also often the settlor) to distribute property in a certain way and time to certain people (the beneficiaries). A revocable trust is a trust whereby provisions can be altered or canceled dependent on the settlor’s wishes during their lifetime. During the life of the trust, income earned is distributed to the settlor, and only after death does property transfer to the beneficiaries. Revocable trusts are able to be terminated at any time prior to the settlor’s death.

Why not make this process easier for your family and let the South Florida Law Office be the solution to your Estate Planning needs. By asking the right individualized questions, we grasp the fundamental understanding of your big picture. Through strategic relationships with independent financial advisors and other trusted professionals, the South Florida Law Office is able to offer proactive solutions to a diverse array of clients. Take the first step to securing the future for your loved ones and give us a call today.