Transfer of Assets in South Miami
Transfer of Assets in South Miami upon Death
Thinking about death is never easy, especially when you still feel healthy and well. You may feel invincible like nothing could ever happen to you. The thought of an untimely or unexpected death may also remain too difficult for you to consider.
While these issues often seem like something you should address down the road, facing the reality that we all die is indeed a challenge of planning. Avoiding making these choices is not a viable option.
We work hard to accumulate money an asset throughout our lives. Ensuring that they transfer in line with posthumous wishes is the ultimate goal behind any successful estate plan. Your friends from the Law Office of Madelin Diaz, P.A. want to share on some information on transfer of assets in South Miami, and some ways you can pass assets onto people or causes that remain important to you.
The most common transfer of assets in South Miami method that most people understand is by will. A Will only comes into action when you die. Unfortunately, if you remain incapacitated but alive, this document cannot accomplish anything.
To execute your wishes or instructions contained in a will, every asset will remain at the mercy of the public court process known as probate. This legal process is where a judge determines that your will is a valid document. It involves appraising property, debt, and taxes. After paying off any outstanding debts or taxes, the court will then execute and distribute your estate.
Your executor will file an inventory of everything you own with the court, and it becomes public information. Many individuals feel that the public nature of this transfer of assets in South Miami method is unsettling.
It may also prove risky if the information gets into the hands of a predator that could target grieving loved ones. Probate court additionally imparts court costs and attorney’s fees. The situation can turn expensive and burdensome, especially in scenarios where you own property in more than one state.
You could also complete transfer of assets in South Miami via a trust. There is no tax implication to placing your assets into a revocable trust that operates under your social security number. It is additionally not a separate legal entity. This enables you to make any necessary changes to the trust the same as assets within a will.
If you reach a point where you no longer possess the adequate capacity to make your own decisions, the trust steps in to authorize other individuals or organizations to make decisions on your behalf. Of course, you choose these entities when you formulate the trust. The legal imposition will also offer more direction than general grants or a power of attorney.
When you pass away, any distribution outlined in your trust remains private. The only person that can obtain this information is the trustee that you select, avoiding probate court altogether. However, this trait only applies to assets that you include in the trust.
For example, when you win a drawing for a substantial amount of money. You get so excited that you experience a heart attack and pass away. Unfortunately, you did not previously include these assets within the trust. As a result, these assets will remain at the mercy of the probate procedure.
Finally, you can transfer assets through a contract. A contract asset wields beneficiary designations that surpass any will or trust. These assets will additionally operate under applicable state contract law, regardless of any will or trust that you put in place.
Commonly utilized contract assets include IRAs, life insurance policies, annuities, as well as retirement plans. Opening one of these accounts involves filling out a form to indicate who or what entity should receive your assets when you pass away.
During this procedure, it is important to review any beneficiary designations on a regular basis. This ensures that you execute your best wishes in a manner that remains consistent with your overall estate plan. A lawyer that is experienced handling transfer of assets in South Miami can help you establish beneficiary designations as you draft your contractual assets.
Transfer of Assets in South Miami with the Law Office of Madelin Diaz, P.A.
When you begin cultivating an ironclad estate plan that executes your best wishes upon your demise, you will likely require expert legal advice. Transfer of assets in South Miami and the law that regulates this procedure is often convoluted and complicated. Unfortunately, these laws can also frequently change.
It is essential that you discuss your options with someone who is experienced in this area, especially under circumstances when you possess large accumulations that you wish to contain within these plans. By outlining an estate plan, you protect these assets from subjection to the estate and income tax, in addition to the probate process.
These procedures often take up to 75% or more of an estate to pay off potential debts and taxes. As a result, your loved ones suffer, as does your posthumous wishes for who should receive what, how much, and when.
Our attorneys from the Law Office of Madelin Diaz, P.A. can help you draft a comprehensive estate plan to ensure that this situation does not occur. We want to help you transfer your property to the individuals or groups that matter to you without the troubles of probate court.
For more information on transfer of assets in South Miami and how the Law Office of Madelin Diaz, P.A. can help you, contact our dedicated attorneys today!