West Palm Beach Small & Large Estate Planning Attorney
Estate planning isn’t just about where your assets will go. It is much more than that. While an effective estate plan may vary from person to person depending on his or her individual needs and goals, it can consist of several elements. At the Law Offices of Larry E. Bray, P.A., we know how important proper estate planning is for people of all ages and incomes, contact our West Palm Beach estate planning attorneys today.
West Palm Beach Estate Planning for Small Estates
Many people are under the false impression that estate planning is only for individuals with considerable assets. Much to the contrary, estate planning is important for people of all incomes and with substantial or no assets. When an individual dies without a will, the state decides how his or her assets will be divided and distributed. Additionally, the process of estate administration tends to be much more costly when an individual dies without a will or living trust.
Taking straightforward estate planning steps now can ensure that assets are easily transferred to family members after your death. Some important estate planning tools include:
Wills — The most basic estate planning tool that documents an individual’s wishes for property transfer following death.
Trusts — An estate planning tool that is capable of holding assets. Any property held in a trust does not go through the probate process.
Powers of attorney — When a power of attorney is established, one individual is given the legal authority to act on behalf of another. Most often, a power of attorney is appointed to make financial decisions on behalf of an individual who is unable to do so independently.
Guardianships — Parents of minor children, or parents of an adult child with disabilities can designate a guardianship to plan for the medical, financial and legal protection of their family member.
Advance health care directives/living wills — This document outlines the wishes of an individual in regard to end-of-life care in the event of incapacitation.
There may be other estate planning options available based on your unique needs and circumstances. Our firm can help you understand your options and devise an estate plan that protects your financial interests and those of your family.
Contact our West Palm Beach Small & Large Estate Planning Attorneys
Contact an estate planning attorney in West Palm Beach and Boca Raton to learn more about asset protection and estate planning for small estates.