May 23, 2022

Do I Need to be Rich to Have an Estate Plan?

estate plan
Estate planning poses several challenges and can be fairly complicated; however, it is a common misconception that you must be rich to have an estate plan. Things in the legal industry are constantly changing. An estate planning attorney in Florida can help provide you with information and show you how important the process is, even if you are not rich.

The Florida estate planning lawyers at Nasseh Sirounis Law are dedicated and experienced in helping navigate everything from tax laws to liabilities and anything else that may affect your family.

Do I Need to be Rich to Have an Estate Plan?

Money does not mean everything when it comes to your estate planning. A Florida estate planning attorney can help show you that you do not have to be rich to have a plan. However, even if you are not wealthy, you have property, such as a home, car, or savings, which must be included in an estate plan. In addition, an estate plan helps reduce any disputes among family members regarding who receives what in the event of your death. However, it is best to hire an asset protection attorney to help take care of your best interests because it is a complicated process.

What are the Basics of an Estate Plan?

Estate plans are not just for the wealthy. Everyone should have an estate plan. A basic estate plan has a few simple elements, which a Florida estate planning attorney can help you put together. The details of an estate plan include:

  • A general durable power of attorney: This form allows your “agent” to choose to act on your behalf, such as financial decisions, including paying bills and selling tangible assets.
  • Health care power of attorney: This form gives your agent the authority to make healthcare decisions for you.
  • A HIPAA authorization: This form allows your agent to obtain medical information about you.
  • A will or a revocable living trust: The will allows you to distribute your assets and name guardians for your minor children. While a revocable living trust helps avoid any delay and probate costs.

Things to Consider About Estate Planning

When it comes to planning your estate, there are several things to consider regardless of your wealth. Some things to consider during estate planning include:

  • Do you have any current legal documents? If so, what are they, and how will they affect your estate planning?
  • Have you written your burial wishes out?
  • Do you have beneficiaries for life insurance, annuities, IRAs, and employer-sponsored retirement plans?
  • Do you have children, parents, or dependents you are financially responsible for?
  • Do you want part of your legacy to help support a charity or other non-profit organization in the event of your death?
  • What steps have you taken to reduce the amount of estate tax due at your death?
  • Do you have plans to minimize federal and state real estate taxes?

How Can an Attorney Help Me?

Regardless of your net worth, an attorney can help you navigate the process required to develop an estate plan. A FL estate planning attorney can help minimize estate taxes, assist with power of attorney, help you avoid probate, and select the right trustee. Additionally, Florida estate planning attorneys can help ensure all of your wishes are carried out in the event of your passing.

Ultimately, an estate planning lawyer Florida helps ensure that the money and interests you have worked hard for all of your life and properly handled and passed onto your dependents or desired heirs. In addition, the attorney can help ensure your money and property are dwindled to near nothing due to taxes and fees.

Additionally, the attorney can help develop a plan to provide care for your dependents, establish orderly property management, and specify end-of-life treatment and care.

Choosing the Right Estate Planning Attorney

When looking for an estate planning attorney, it is vital to consider who you choose to hire. You want to hire a compassionate and experienced attorney who has a keen eye for the smallest of details. Your attorney must ask questions to help you articulate your goals and adequately tailor them into an estate plan best suited for our circumstances.

The estate law attorneys at Nasseh Sirounis Law are dedicated to helping you create an estate plan suited for your current and future financial situations. Call our office today to schedule a consultation with a Florida estate planning lawyer and learn how we can help you with an estate plan, even if you are not wealthy.