Locate a Fort Lauderdale Tax Planning Lawyer

When you pass away without a will (intestate), your money, assets, and belongings could be held up in probate court for months and apportioned according to state law. In spite of these facts, more than half of American adults do not have a legally valid last will and testament. Why is this? There are many reasons and most of them are psychological or existential. Most folks don’t like to think about death, so they put off the inevitable. Unfortunately, their friends and family members often end up paying the price for their procrastination. Of course, there are other important factors. Not everyone who dies without a will was a procrastinator. Some people make the mistake of assuming that their next of kin will automatically inherit everything they leave behind, but that is not the case. In most states, these assets are held in probate court where a judge will determine distribution according to state law. The problem with probate court is that it tends to create more problems than it solves. Friends and family members who feel they were cheated out of their inheritance often grow bitter and the endless cycle of blame and recrimination begins. In an emotionally-charged environment, people often say and do things they don’t really mean. Many families are destroyed because the matriarch or patriarch neglected to write a will. The last thing a loving mother, father, aunt, uncle, or grandparent wants to leave their family with is financial confusion. No matter how tight-knit the clan, people do some pretty crazy things for cash. It is always better for the emotional and financial future of the family to have a clearly delineated last will and testament. That way, no one will fight over scraps from the dinner table. Even if they think they got a raw deal, they must legally respect the document. What does a Fort Lauderdale tax planning lawyer do? Tens of thousands of Americans retire to Florida each year. The good weather, affordable home prices, and low taxes draw them there like moths to a flame. As you might expect, the Sunshine State is one of the oldest states in the country, which is why Fort Lauderdale tax planning lawyers write an awful lot of wills. But estate planning is not only about dollars and cents; it also covers medical decisions and instructions in the event that you should become incapacitated. When to call them? According to most financial planners, a person should draw up a legally-binding will after he begins acquiring assets. For most Americans, that means their mid-thirties or early forties. At the very least, all Floridians who are parents, no matter their age, should contact a Fort Lauderdale tax planning law firm. The document can be as general or as specific as you like. What you need to know? To make certain that your final wishes are carried out, it is important to name an executor or executrix in your will. This should be a person that you trust to distribute the assets you leave behind to the appropriate parties. This person may or may not be granted power of attorney, which will allow him or her to make financial, legal, and medical decisions on your behalf, should you become incapacitated. These are big decisions and you should always review their legal and financial repercussions with an experienced Fort Lauderdale tax planning lawyer. Even more important than the distribution of assets is the care and protection of any underage children you may have. If one or both parents pass away before their time, they must name a legal guardian in their last will and testament. Failure to do so could result in protracted legal battles that involve relatives or close friends. As awkward and uncomfortable as it may be to face your own mortality and discuss it with a Fort Lauderdale tax planning lawyer, it is always more expeditious and considerate than the alternative.