In Florida, estate owners start the estate planning process by acquiring asset protection. Their attorney reviews their property and assets to define the most effective strategy for achieving this goal. The attorney also helps them make vital choices about the distribution of their wealth when they die. The following are details about how an estate law lawyer in Lake Land, F can help.
The Creation of a Will
The estate owner must create a will to define how they want to distribute their assets and property. This legal document overrides the preferences of the county and can stop the seizure of these items. It defines all provisions associated with the property and assets, and it stops disputes between family members.
An Irrevocable Trust
An irrevocable trust allows the estate owner to remove certain assets from their estate and prevent the acquisition of these assets through probate. The trust separates the assets from the estate and decreases the estate’s value. This also allows the owner to continue to use these items throughout their lives. They identify the new owner of the trust when it is set up.
Setting Up Trust Funds
Trust funds are used to distribute wealth to a child or another dependent, and they follow certain provisions set up by the estate owner. This could indicate that the payout each year is based on a schedule set up by the estate owner.
Health Care Choices and Proxies
Health care choices are made during the estate planning process as well. The estate owner can determine who will provide their health care when they become incapacitated. They can also identify a health care proxy to make decisions on their behalf based on life-threatening circumstances. The proxy retains the legal right to make these decisions without family interference.
In Florida, an estate owner can set up an estate plan to protect their property and assets. These plans help them protect their assets during the probate process. It also lowers the risk of disputes. Estate owners who need to work with an estate law lawyer in Lake Land, FL can contact Gregg S. Kamp, P.A. or click here right now.