Is estate planning something that is reserved for only the 1% in our world? Definitely not. Anyone who has assets should do a little estate planning for the benefit of their loved ones.
You may own a small business, or a home, or life insurance, or valuable family heirlooms. With any of those assets, you will want to make it clear how those assets will pass down to your friends and loved ones. To do that, you need to take some time to do your estate planning with an experienced estate planning attorney in Stuart, or your region of Florida. Indeed, no matter how much property you own and no matter the overall value of the assets in your possession, you and your family will only benefit from making a plan and deciding ahead of time how your assets should be allocated in the event of death or misfortune.
You may be surprised to learn that about 55% of people in the U.S. do not even have a last will and testament. Don’t make that mistake. For your family’s sake, take a little time now so that your heirs know what your wishes are with regard to the assets you have accumulated in your lifetime.
In this article, we are going to talk about some of the benefits of estate planning. If, after reading this article, you have additional questions about your own situation, then we welcome you to contact an estate planning attorney in Stuart, FL at Crary Buchanan. At Crary Buchanan, we are proud of our standard of excellence, which has allowed us to thrive as one of the oldest law firms on Florida’s Treasure Coast.
Our estate planning attorneys in Stuart are passionate about giving you the highest quality representation. Call us today at 772-287-2600, or schedule a free estate planning to consult online with our online contact form.
Why Estate Planning Makes Sense
It is never pleasant to dwell too long on the prospect of passing away. Yet, even a little planning goes a long way. Here are just a few reasons why estate planning makes a great deal of sense.
1. Providing Security for Your Loved Ones
Again, though not pleasant to think about, should something happen to you, then you want to make sure that you have provided for your surviving spouse, and any children under 18 years old. Having an estate plan will allow you to do just that. When it comes to peace of mind, planning for your family if some misfortune befalls you is worth its weight in gold.
2. Surprising Tax Benefits
It is not often the first thing we think of with estate planning, but you can significantly minimize certain tax burdens on your estate, and on those who will inherit your assets. For example, there are certain limits on how much of your estate will pass to your heir’s tax-free. That said, if you create something called a revocable trust, then you might be able to lower the tax liability on your estate significantly.
3. Lower Probate Costs
One of the worst kept secrets about the probate system – which is the court system that administers an estate after someone has passed away – is that probate is costly, takes a long time, and can be immensely frustrating for heirs to the estate. With a solid estate plan, however, you can ensure that transferring your assets to your heirs will minimize costs and expenses. With certain estate planning tools, you can also have a property and insurance payouts go to your heirs more quickly.
4. Peace of Mind with Those Overseeing Your Assets
If you pass away without a will, (i.e., “intestate”), the control of your assets goes to the court to decide how your estate is distributed. If you have an estate plan in place through your attorney, then you keep the control. You can choose the people you trust to act as executors and/or trustees for your estate. You also have the opportunity to give those trusted people the necessary authority to make decisions on your behalf. Those steps will save your family money, and they will take the burden off of your heirs for some important decisions.
5. Dealing with Incapacity
It is possible that you could later in life suffer from a disability, that may render you unable to make decisions about your financial or healthcare affairs. Estate planning is the way in which to plan for such unpredictable events before they happen. Having a plan in place will put your mind at ease that your heirs will be protected, and that important decisions have already been made in case of some emergency.
6. Business Succession Planning
You have put your blood, sweat, and tears into your business. A good estate planning attorney can help you ensure that the business will continue after you are gone. Indeed, you can include organized succession planning for your business, which will remove a substantial burden for your surviving family members.
Contact an Estate Planning Attorney in Stuart to Help You
Estate planning gives people the opportunity to care for those they love and plan for possessions they treasure after they are gone. Without a will, trust, or another type of estate plan, you will have no say in what happens to your possessions and assets, and you will have no power to determine who receives your property. Though it may seem daunting to plan your estate, a lawyer can work with you to protect the people you love and ensure that your wishes will be honored.
At Crary Buchanan, we are committed to providing clients with exceptional service in every aspect of estate planning and personal injury law. You can depend upon our 85 years of experience in the Florida legal industry.
Our legal team is passionate about maintaining the high standards of professionalism and legal service that were established and practiced by founding attorneys Evans Crary Sr. and Evans Crary Jr. Evans Crary Sr. began his law practice in Stuart in 1927 at a time when Martin County was only two years old. He became a municipal judge at the age of 25 and served as County Attorney for 23 years.
During his time as County Attorney, he was elected to represent Martin County in the Florida Legislature. In 1945 he was elected to the Florida House of Representatives. He served in the House for nine years and even served as Speaker of the House before he went on to become a member of the Florida Senate. Today, the Crary Buchanan law firm continues to practice the example of integrity, professionalism, energy and devotion that was clearly illustrated in the lives of both Evans Crary Sr. and Evans Crary Jr.
Our clients are more than case numbers; they are people. We recognize that you are an individual with unique needs and expectations. Our team is here to meet your need and exceed your expectations. When you work with us, you can have confidence that a caring legal advocate is on your side.
If you have more questions or want a dedicated personal injury attorney in Stuart to help you, call 772-287-2600 or schedule a free consult online with our online contact form. You can always depend on Crary Buchanan for community, experience, and trust. Call today.