Gainesville Estate Planning Attorney

If you need a will, trust, or similar document, you should speak with an estate planning attorney. Without an estate plan in place, your assets will be subject to a set of rules created by the state. These rules will apply regardless of what your wishes were, unless you have a legally-binding plan executed before you pass away. The most common example of an estate plan is a last will and testament.

Although we do not like to think about it, everyone dies. And a large portion of us will be disabled at some point in our lives. Estate planning is the process of preparing for those realities in a way that protects you and your loved ones. A good estate plan avoids costly problems for your loved ones down the road when you either die or become incapacitated.

Avoiding Probate

Probate is the court-supervised process of moving assets from your estate into the hands of your beneficiaries (and creditors). Probate can be costly and burdensome. Not only does your personal representative get to charge a fee, but a lawyer is legally required to get involved as well, meaning that a large portion of your estate is eaten up with fees. And on top of that the probate court charges even more fees! And all of this money is paid just so a court can get in between your loved ones and your assets. Simply put, probate can be a frustrating, costly process.

Thankfully, there are ways to have your assets pass to your family members outside of the probate system. For example, you could set up a living trust or use a lady bird deed. With a good estate plan, your loved ones can avoid the costs and hassles of probate. That being said, each option to avoid probate comes with advantages and disadvantages, so it is important to discuss your options with a wills and trusts attorney.

Often, we receive estate planning calls from people forced to deal with a bad estate plan after a loved one passed away. This can be a wake up call. The unfortunate reality is that a bad estate plan (or no estate plan at all) can be costly and frustrating for those who survive. It can result in months of delay and problems. After dealing with this headache, a lot of people desire to get their own affairs in order. We are happy to help those individual create a good plan that makes the process easier on the loved ones that survive. And almost always these plans involve avoiding probate.

Providing for Your Children

Parents are never done providing for their children. And estate plans provide a way to protect and provide for your children, even after you pass away.

If your children are minors, then you absolutely need to designate a guardian to care for your children to take over if both parents pass away. This is how you can tell a court who you want to watch your children. Imagine having multiple family members fight over guardianship. Or imagine not having a plan in place and no one stepping up. These are the kinds of problems that can occur when a parent fails to set up a good estate plan.

Parents of adult children also need an estate plan to protect the family assets from bad decisions. Sometimes the bad decision looks like a rushed marriage and sometimes it looks like a mountain of credit card debt. But either way, there are ways to protect your family assets from the predators and creditors that might come along. And you can do this while still giving your kids the benefit of those assets.

Preparing for Incapacity

There is a saying among special needs attorneys: “The special needs community does not discriminate. It will accept any one of us at any time.” Dementia, Alzheimers, or even a bad car accident can mean that you can no longer handle your own affairs. Medical and financial decisions may need to be made immediately, and if you are incapacitated, you better have a plan in place!

This is where an estate planning attorney comes in to help. You can arrange your affairs in advance so that if something does happen to you, your affairs are still being handled by someone you trust. Living trusts can be useful for incapacity planning, as can a designation of health care surrogate and a financial power of attorney. Or if you or a loved one needs long-term care, you might need to do a little Medicaid planning. Each of these tools is intended to protect you and your loved ones if something goes wrong.

Contact an Estate Planning Lawyer for a Free Consultation

PTM Trust and Estate Law is happy to assist you with estate planning. Please call 352-554-5576 or contact us online to schedule a free consultation. If you do not live near Gainesville, then we will be happy to schedule a free phone meeting instead.