Estate planning can be important for those who want to protect the financial future of their families or have specific long-term financial goals. There are a number of services provided by this area of the law that can help those who want to control how their assets are used, even after they die or can no longer personally manage their wealth.
What estate planning lawyers do
As a general rule, lawyers who practice in the field of estate planning help clients prepare for a time when they can no longer manage their own finances due to death, illness, or incapacity. While most people are familiar with the elderly or infirm drafting a will to give their property to other family members, there are also many other ways the law allows people to distribute money and property, or handle their taxes, even while they are still alive. The client can explain their situation to the estate planning attorney, and they can give advice and draft documentation that will help reach these goals. Many documents that deal with property and other important financial decisions are subject to strict regulations in each state, such as notarization and witnessing. It is usually not possible for someone to simply prepare these documents properly on their own, and many states will not recognize a personally written document to transfer property or wealth.
Setting up a trust
A trust is one of the most commonly used financial instruments that dictates how money is distributed and for what purpose. The person who sets up a trust can have their intent recorded and the money can be used for that same purpose for any time frame, from a few years to several generations if necessary.
Drafting a will
A will is the most basic way to distribute property and assets upon a person’s death through the probate process. The will can describe exactly who will receive things like money, personal property, and real property. A will has very specific requirements to be considered valid by courts in Florida, so it is important to have this document drafted by an experienced lawyer in the Pompano Beach area.
Power of attorney
Power of attorney can be one of the most significant legal decisions a person can make. This essentially gives another person the authority to make important choices about finances and property in their place. These powers are normally given to a spouse or other family member, but such decisions should only be made with care and legal guidance, as they are given a significant amount of discretion to use the person’s assets.
A deed is the general name for a document that transfers property ownership. Some people may choose to perform this kind of transfer if they are no longer able to manage affairs related to a piece of real property and would rather give the land and management tasks to another family member or other person.
Talk to an estate planning lawyer in Pompano Beach
If any of these services sound like they may help you, or you would like more information, you can talk to an experienced estate planning lawyer in your area. Express Law serves all of South Florida with skill and expertise.