Estate Planning FAQ

Estate Planning for Pembroke Pine Residents

Most of us will spend a majority of our lives accumulating wealth and providing financial stability for our families. At a certain point, estate planning will become an important issue in the preservation of your wealth for yourself, your family and other heirs, and for future generations. Estate planning provides you with the comfort of knowing your wealth will be on passed to your intended beneficiaries per your wishes.

The following answers to frequently asked estate planning questions may assist you in your process:

Why do I need estate planning?

Estate planning provides those who have accumulated wealth over their lifetime with an effective plan for their assets, for the benefit of the named heirs. It also ensures that the wealth is not overly taxed by government, in the probate process, and that the largest amount possible passes to your beneficiaries.

Do I need a living trust, or can I simply have a will?

A will describes how you want your assets distributed when you pass away. The distribution of assets is governed by a legal process called probate. Once your will enters probate, there is a waiting period while the will is validated. The probate process can be time consuming and costly, particularly in larger estates. A Living Trust allows some of your assets to bypass probate as your property is technically owned by the trust. Your trustee will distribute your assets exactly as you intended. Depending on your personal situation, you may be far better off with a living Trust.