If you have a family and think you do not need a will – you are wrong. All adults should be thinking about estate planning and asset protection, but especially if you have children to provide for. And even more so for blended families.
Even if your financial estate is small, a local South Florida Tri-County estate planning lawyer can help an adult with children plan for their children. A good estate planning attorney knows the local landscape and will help you consider guardianship, medical care, education and basic living expenses for the child. A very good estate planning attorney can help a client without much wealth plan for the care of his loved ones through combinations of life insurance policies and trust instruments.
But the best estate planning lawyers also have some experience and training in financial planning and tax law. That way they can help counsel how to best plan to reduce the tax burden on your family. For the clients with medium and large estates, they can help protect assets and streamline tax burdens. They can also help with advance directives, in case you become incapacitated.
You should choose your lawyer carefully. It is important to choose a lawyer with broad experience and the right legal acumen.
Most Americans, 55 percent, die without any kind of will filed. If you die intestate, your state will determine who receives your property, who will care for your children and the future of the people you love. These laws are based on archaic mechanisms designed hundreds of years ago as to how you want your property distributed – that may or may not resemble your actual wishes today. And many states disqualify some older wills or agreements – for example, Florida does not recognize oral wills and has constitutional protections for a spouse that prevents them from being completely disinherited by a will.